I meant "cyclical" not secular, and the one does not negate the other, markets often turns before the economy turn, and the second dip could be delayed until the middle of next year. Right now, it is purely a technical assessment not a economic assessment. When I say a cyclical bull move, I mean more than your normal 10 to 20% bounce. It could be as short as two or three months (the last one from the September lows last year was barely three months). Some may even want to cal, this a bear market rally, I am not sure about that right now.
Zeev
