The uptrend that began last November ended on the 14th of January, not yesterday. Yesterday, with the Dow falling over 300 points, the notion of risk and that well known feeling of fear came rushing back to the markets late as usual. Bank stocks were thrown out without discretion with many losing over 25% on the day. In fact the entire Financial sector gave up more than 13% yesterday alone and now sits down on the year by more than 35% (YTD is only 12 market days mind you). While yesterday was as bloody as any of the two dozen days like it in 2008, it felted like more of an exhaustion move in the selling pressure which is just another necessary ingredient near the end of every bear market. In other words, sellers are obviously in charge at the moment but they are clearly getting tired. Unless the market price pattern that began last October breaks down completely in the next couple weeks, I think the odds are reasonably good that the lows of the bear market are behind us.