[ThePythonicCow]

The fundamentals of the market now are quite bad.

They are. And I agree with your pessimistic forecast.

Both the fundamentals and the psychology of the market (as reflected in these 'waves') sucks.

[djf]

Psychology is the trump card, and the bigwigs know it. But a lot of people are extended to the max already, and no incentive can make them borrow more, given employment uncertainty, etc. I'm somewhat surprised the government hasn't taken a stronger stance against offshoring, because that by itself, no matter how successful it really ended up being, would short term boost consumer confidence.