Maybe this is the market low -- at least for our market (not so sure about the US). I've noticed a few numbers, around the world, have been a bit better than expected, notably the two ISM surveys for January. Our market is just about as cheap as it's ever been, and the authorities are blasting away on their Big Berthas -- rate cuts, tax cuts, bank refinancing initiatives. If this were property, we'd all agree it was a screaming buy. Surely the same applies to shares. And it does look as if our market doesn't want to fall any further, if you look at day to day movements.
Still, I thought it looked like it had bottomed a few months ago, and then we have the Lehman's debacle. So...
I'll keep you posted.
Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. I do make mistakes, but I try hard to do my analysis thoroughly, and to make sure my data are correct. Remember: the unexpected sometimes happens. The expected does too, but all too often it takes longer than you thought it would.
The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.