Has the market bottomed out? Is the current rally only a kick back rally?

Bottomed arguments: Market rally in spite of bad economic news, and making ascending triangles. W shaped bottom has formed. Stock market will not fall forever. Sophisticated investor are bottom fishing now.

Not yet bottomed arguments: Economic situation is getting worse, bad financial reports will surfaced next year, lots of retailers out of business. Currently on the Elliott wave number 4, the crash for elliott wave number 5 is coming. Marc Faber said the economy is imploding in coming months. Austrian economist Friedrich Von Hayek theory that the vast stimulus by bailing out bad companies will further misdirect the capital production of producers goods thus making the situation worse.

What's your take? Let's all vote to see if the wisdom of crowd will beat the market(usually contrarian investor will have higher yield)

This post has been edited by mindhacking: Jan 3 2009, 11:46 PM