ZH - Almost without exception companies are now say that the visibility has either got worse or that business has worsened and that expectations for 2H 02 and worse still Cal 03 are going to be revised strongly downwards.
Now the market as we know looks forward and many didn't see that business was about to collapse in 2000 so maybe many can't see that business is about to pick up BUT surely we would see something on the horizon by way of better business?
Without that it seems to me that there is absolutely no reason to own stocks and surely pewople will adapt to that as it becomes clear that business is indeed getting worse.