The news is certainly as grim as ever:
What strikes me is that bear markets end when the news is seemingly at its worst because the market is a forward looking beast. It went down precisely because all of this news was coming.
Wachovia writes down $23.9. billion
Grim Earnings Weigh on Stocks
First Birthday for the Recession?
Kerkorian’s Ford Exit Sparks Fear of Failures at Big Three
California Home Sales Revive With Intense Pain
CDO Cuts Show $1 Trillion Corporate-Debt Bets Toxic
Mervyn King warns of Britain's 'long march' out of recession
No, it did not predict any individual bit of news but it knows when things look bad. Our job as market analysts is to read those signs of "bad" and get on the right side of the market. I don't know how long or how far. All I know is "be bearish" or "be bullish" or "be a spectator."