Before we are all swept away into total despair, let's take a step back and imagine what could get stocks round the world going up for a while. Before I start, bear in mind that I am a hedge fund manager, have been wrong on the severity and duration of this panic, and that at this moment I am close to shore. I have little risk on, in other words.

First, let me point out that by definition the bottom of a bear market has to be the point of maximum bearishness. Thus sentiment becomes a crucial indicator.