Well, this excerpt from the Barton Biggs' interview suggests that maybe we're getting close (assuming that he knows what the heck he's talking about!!):
-- BARRON'S: Barron's 2002 Midyear Roundtable --
By Lauren R. Rublin
Barron's: Rumor has it you've turned bullish. Why?
Biggs: Things have worked out much as we thought since January. But we're
either at or close to an important bottom, and the selling has gotten overdone.
Sentiment has gotten too depressed. Valuations have become somewhat more
attractive both in the U.S. and around the world. So I think we're setting up
for a rally that lasts for a couple of months and takes the S&P up roughly 15%
and the Nasdaq up 30%. And it takes a lot of these busted stocks up 50%.
Q: But the market overall is not out of the woods, is it?
A: No. There are still a lot of problems. But there are some fundamental
reasons to think the market will rally, not just the fact that valuations are
cheaper and the market is oversold. We've got at least three, probably four,
quarters of favorable earnings comparisons ahead. Inflation is still very low.
The Federal Reserve is still very easy. The U.S. and world economies are not
going to fall apart. Is it going to be a slow, sluggish recovery? Yes. But real
growth will be 3% in the second half of this year, and S&P earnings will be up
20%-25% . . .
News 
Market Data 
Discover 
