We keep on hearing about how once there has been capitulation it marks the bottom - we heard this with BSC - did it mark the bottom? My point is that capitulation marking the bottom seems to apply to market shocks with no second slower tsunami wave of collasing property markets behind it e.g '87, 98, but I am not so sure it applies to property based sell offs (UK early 90's an exception?). Certainly there is research indicating that with major bear markets the conventional belief of a capitulation marking the bottom is erronous (Napier, Anatomy of the Bear), rather it occurrs when volume has dried up after declining steadily [IMHO as people come to the market to liquidiate losing positions for living costs - yet to come judging by the 56B or so of 401K sales]. There is frequently a 2-3 year sideways period following a major collpase Time will tell, but having seen people getting slaughtered all the way down in the Asian crisis and Nasdaq by convincing bottoms that failed I am not so sure. I didn't buy because to do so would equire me to convert money back from USD into local - something I was not prepared to do. Oh well, I imagine the flame kiddies will be along soon - was hoping this might generate some thought/feedback/recollections based on experience.