Skeptics should consider some of Mr. Nasgovitzs figures. Stocks with a market capitalization of less than $250 million were, on average, 43.4 percent off their 52 week high as of September 17 while stocks with market capitalization over $20 billion were off only 16.59 percent. The relative decline looks very much like what happened in November 1990 and November 1987. (See table below)

Evidence of a Bear Market: Common Equity Decline from 52-Week High

Market Capitalization

Average Decline

For September 17, 1999

Less than $250 Million

43.41 percent

$250 Million-$2 Billion

24.70

$2 Billion-$5 Billion

21.84

$5 Billion-$20 Billion

19.28

More than $20 Billion

16.59

For November 30, 1990

Less than $250 Million

45.74 percent

$250 Million-$2 Billion

30.46

$2 Billion-$5 Billion

26.50

$5 Billion-$20 Billion

20.61

More than $20 Billion

15.57

For November 30, 1987

Less than $250 Million

47.86 percent

$250 Million-$2 Billion

37.95

$2 Billion-$5 Billion

33.95

$5 Billion-$20 Billion

31.29

More than $20 Billion

28.68

Are we near the end? I think so. All the air has been sucked out. Theyve bottomed. In addition, there are positives. Insiders are buying. Theyre buying for themselves and having shares repurchased. There have also been leveraged buyouts and takeouts.