The Black Box

[gottfried]

bookings and billings are now well above 2002 peak levels. I expect them to keep climbing for months. BtB has declined - just like in previous cycles, where it rose again later as bookings and billings kept going up.

Carl Johnson provided a chart comparing the duration of past cycles. By that chart, this cycle is young.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19930335