It hasn't bottomed out

One month ago, I thought he market was approaching a value point. I no longer think so. After talking with a lot of people, I've come to find that October was brutal in numerous segments of the economy. As a result, a significant minority of business people are scared and hoarding their first quarter cash. Thus, I expect a self fulfilling prophecy of a rough first quarter. Some of that money will come back in the second quarter, but only some of it. If enough comes back that quarter, I think things will stabilize by quarter 3. But as panicky as everyone is right now, it won't take much to force this instability into quarter 3 and 4 of next year.