I have argued in a number of recent posts: here, here and here that we are nowhere close to the bottom when it comes to this economic downturn. The jobless numbers are back to sliding downwards at an accelerated pace after one month of deceleration.
And the markets seem to have caught the chills.
We discussed this at work a few months back. Someone who is very well-respected in banking circles and who has seen a few past recessions called out that you can tell that a recovery is underway when there is a sustained period where the indicators yo-yo between good and bad news. We seem to be entering this phase now.