The market never tells you, "hey we are at a bottom". You need to learn to read the charts. We hit a double bottom on twice the volume on a day that FNM FRE crashed and there were rumours that Legg Mason was in serious trouble and had to liquidate Google position. I dare say that yesterday was the panic sale, especially when you get a firm like Legg Mason to sell at market its large holdings. The fact that investors spent $ 3.6 billion yesterday buying Google on a 5% decline is bullish too. Where there is a seller, there is a buyer. At this moment, investors have priced in a disastor earnings report, with huge drop in sales and huge cut in margins. It is obvious that investors are way off on this one. Sales will surprise and so will eps. Valuation alone tells me that this stock is fairly valued at $ 720/share. Remember the 100 point jump? I think this time it will be a little more than that when they report earnings. Watch and learn.