There has been a fair amount of bad news recently but the Dow is...

There has been a fair amount of bad news recently but the Dow is still sitting on 8000 which seems to be providing good support.

Unless some very substantial bad news comes out (Is anybody expecting anything worse than what has come out in the last week?) the 8000 could hold.

From that I am going to suggest that we could get a double bottom or an upside down head and shoulders... whatever! it is all approximate. The conclusion is a bullish signal! Yes!

So there we are: Rookie calls medium term bottom

What do you reckon? Any bulls out there who actually have some skill want to back me up?

Note: I don't know what it is like in the US, but the XJO seemed to be having a bit of capitulation. People giving up, not wanting to call it over the long weekend, etc.