The road back up may take years and it definitely will not be a straight-shot freeway. Look at the following charts:
Worldcom (WCOM): this stock shows a nice steady upward climb, and at last report was still going.
Nike (NKE) is another good example. It has steadily made its way to the $105 range over the last year. I like this stock.
Callaway Golf (ELY): again, a typical climb to the top. Stocks as predictable as these can be very profitable.
Northern Telecom (NT) has gradually climbed from $35 to $55 in nine months. This chart shows a nice steady climb upward with plenty of rolls.
You can get in and out many times along the way. You can buy the stock and wait it out, or you can buy the stock and sell. Proxy investing with options allows for a greater return and many short term profits. You have less cash tied up and you can jack up your profits by being nimble and quick.