If the market were a glass of water, it is definitely not half-empty, but it sure ain't half-full, either, at least not in the third quarter.

The market is flat out dry to the last drop. "This 2-1/2-year decline has been the longest decline in time," said Don Cassidy, senior research analyst with Lipper of New York. "Virtually no customers of the fund industry have ever gone through a long bear market like this."

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