Some former shareholder saw the cyclical downturn coming in advance and sold long ago to people that didn't understand. This started the downtrend. Later, more shareholders caught on to what was happening, and the downtrend continued as they sold to value investors. With today's loss report, all the former shareholder "got it" and sold at the bottom. With no marginal sellers remaining, we've passed the bottom. In fact, today we saw the classic signs of a revulsion bottom: a sharp drop followed by an about-face sharp jump upward, all on huge macro-bottom volume. Classic.