George, all I can say in response to your comment is that the September low last year violated the April lows, yet the rally was a powerful 50% for the Naz. By definition, the absolute low of this bear market will violate all of the last 7 years or so lows, yet, that "future" low will serve as a solid foundation for a cyclical bull move. I think it is not so much how low these lows are, but what kind of extreme sentiments these lows are associated with. One of the things that concerned me earlier this month with the lows set just before July fourth was the lack of sufficient extreme in sentiment indicators, well in the last two weeks, we got all the GNT's and high capitulative volume we needed in both the Naz and the NYSE. Furthermore, the nascent shift in psychology from negative to positive has also occurred with the NYSE registering three consecutive days of GPT's. I think the stage is set, with 75% of my turnips exhibiting erubescence, epitomizing bottoms within the secular bear market, just as good as last September and better than last April and January.
Just fasten your seat belt, and don't be surprised if they throw us few additional mini scares on the way (g).
Zeev
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