I can not say for mid\long term, however tomorrow or a bit later then GM will call for chapter 11.
I believe US market will react to it. This is the last big bad news from my perspective for the financial\manufacture markets.
In June the pretty large profitable reports will come from banks and investment companies (market growth in 2nd quarter is about 20% of capitallisation).
My IMHO is this summer will bring Dow Jones to 10K level, but in late August\September there will be a decision point and the direction will depend on how big are structural changes in US economy and how good is Obama's plan. I think there will be a slide down, but it is not clear looking from May...
So my expectation for NOT.V is a mid .6 for this week and ~mid .8-mid .9 three weeks later.