afternoon rally on the way.., page-14

The problem could be that we haven't had a major property crash, unemployment spike, credit defaults, bank losses etc, so the market can't see the possibility of a bottom in the real economy. Rather its a very moderate drift down so far, which plenty of people predict will get worse but no-one sure when or by how much. Possibly never, but still the market is uneasy without a catastrophic plunge (to be followed by a bounce).