As for Brad's assertion that mass psychology has turned bearish enough to expect an upturn, here's some evidence to the contrary, from the new ish of Grant's Interest Rate Observer (edited by the smart and witty but often wrong Head Permabear, James Grant):
At 12:38 AM -0400 7/19/02, Grants Publishing wrote:
>NO TIME FOR BEARS
>
> James S. Chanos, the short seller who figured out Enron, penetrated
>Tyco and foresaw the millennial telco collapse, has only one professional
>problem: There have been net withdrawals from Ursus Partners, his short-
>selling fund (and its offshore counterpart), for seven consecutive
>quarters....
Doug