Calling a Bottom

Yesterday I made a statement heard by just one other person that we were seeing the bottom for the S&P. Though valuations remain high (The S&P has a trailing P/E of 20), yesterdays strong surge in the second half of the day gave me hope that we were seeing the end of some of the mayhem. Yesterday the low on the S&P was 1008. I believe that to be the lowest that we will see going forward.