What do you think could be the news that has the potential to spark a 20-30% rally in this market? I think (though I may be wrong), that the market cannot turn without a catalyst. Remember the reaction after the first 700bn bailout plan was rumored back in September? What if they finally announce a detailed plan for nationalization and reorganization of all banks? This should theoretically be the bottom, because all equity holders and most bond holders of banks will be wiped out, and there will be no more losses to recognize at that point. This may or may not be the long term solution we need to get out of a recession, but could very well be the end of the bank and liquidity crisis? And this is an interesting observation - prices may not be too far from their top, so we didn't lose that much in terms of price, but in terms of duration and time, we are in a bear market for nine years already.