Give up yet?

Jeremy Siegel, whose economic work was one of the key theories used to justify higher stock prices during the bubble, thinks that the market is near capitulation.

The idea is that the market can't bottom until everyone has given up in despair. I'm reminded of a friend who worked at a hedge fund during the last market downturn. "I keep telling them no-no-no!!!" he told me over dinner. "As long as you think the market has capitulated, it hasn't capitulated."