I would estimate the month of May 2008 as the turnaround period in the stock market. At the present time there is widespread (and continuing) panic in the markets as noted by the VIX and the VXN at their extreme levels. With the US dollar at an all time low, there is a limit to how much the Fed can continue to cut interest rates. The Fed seems to be at the end of the rope in that respect. By end April, the Fed should be done cutting rates. Also most companies will start to announce their 2nd quarters earnings which will offer a greater transparency to the earnings issues prevailing in the minds of investors.