Sara, yes, a very interesting point indeed.There are probably...

Sara, yes, a very interesting point indeed.

There are probably two schools of thought on bottoms, both with compelling arguments:

1. It creeps up on us without us noticing, and we see it in our rear view mirror.

2. It is an obvious day of capitulation with a cathartic sell off.

For my part, I'll probably see it in the rear vision morror after it's happened, and it may already have, lol.

I'm not convinced we need the good ole fashioned capitulation for a bottom.

Especially after weeks and months of incessant falls which takes the tally from the market top to lows which a so-called capitulation would have produced in any case.

Australians are big on owning stocks thanks to the floats of CBA, TLS, TAB etc. And they know from previous cycles to hang on for the inevidable upside.