With only two trading days left for the year and the benchmark Shanghai Composite Index hovering above 2,100, after a 22-percent dive over the past 12 months, small investors in the mainland stock market are bound to feel down as they bid farewell to 2011.

In fact they probably feel bitter, because few will have made any gains in such a bearish market, and there is still no light at the end of the tunnel, as economists forecast worse days ahead.

"If you think 2008 was bad, fasten your seatbelt for 2012," warns independent economist Andy Xie.