bottom forming based on the following, page-5

"The S&P 500 is trading at just 9.5 times 2009 earnings estimates. "

That's the problem for me, estimates are always going to be optimistic in the current environment.
That said I think we are near the bottom. I don't mean that I don't think it won't go lower, I do think that the markets will actually have an up day monday or tuesday. I can't see as much volatility in the market, these 5 or 6% point days are over imho. I still think it will trend down but not with the same percentage falls.