More Bulls Raise Their Voice

Another Perma-Bear Converts To Bullish-ism - Barron's - Seeking Alpha

Tighter regulation is coming and we’ll face a relatively long, deep recession until Q4’09. But by Leuthold's calculation, stock market bottoms occur when a recession is 60% over. That’s this month.

There are more bullish signs in the news. We can see that there is some buying in the markets as prices go up steadily.
The credit markets are easing and credit is flowing again. After the US elections there should be more stability, as well.
So, according to the quote above, the recession is to go on through the 2009 but the market bottom has been reached last week. Or is very close to it.