Are we there yet? Are we there yet?

Anyone who ever took a long car trip with little kids has heard this question to the point of madness.  Are we there yet, at the bottom in the market?  We would bet not, but we may be at a rally point.  Monday’s action had the look of a selling climax and the volume pattern looked right for an end of wave.  Of course it may just be more sideways before any definitive new direction (most probably down).  And anyway that noted analyst Barak Obama said some very wise things about the market today.  He said if you are watching it bob up and down you are going to be misled about the long term.  The weight and momentum of the market is still heavily down, even if a rally should be due.  

Note the last three days volume and the volume eight days ago.  

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