dow futures , page-44

Since this recession started in late 2007, it will undoubtedly be the longest since the Great Depression. But I believe the recession has already hit bottom and could end before the end of this year.

Stock prices typically bottom out in the middle of recessions. This is because stock prices "look ahead." They "see" recovery before recovery actually arrives.

Consumers don't look ahead like this... They are interested in their present situation, which is not good. So while stock prices can bottom in the middle of recessions, consumer confidence typically bottoms at the end of recessions. People don't see things getting less bad... It's a "darkest-before-the-dawn" type thing.