bottom nearing?

[Doug Henwood]

Calls from reporters, some of them mainstream, have been picking up. 
So by that indicator, the markets may be close to a bottom. But if 
this is really a long-term bear market (which I think it is), that 
indicator, discovered during a great bull market, may not work as 
well.

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