Signs of a Short Term Bottom?

Several key money managers have recently voiced opinions that we might be at a short term low. While who knows where the wind will blow next, their perspective and experience adds some interesting context on the "behind the scenes" activity which frequently shapes the headlines and activity we see in the markets; it should be noted that both managers were bearish and called the market decline with scary precision...

Leon Cooperman, renowned hedge fund manager at Omega Advisors says "The bulk of the damage is done."

Doug Kass, founder and manager of Seabreeze Partners Management, notes heavy hedge fund shorting of S&P 500 futures contracts is often a contrary signal of extreme pessimism, and often can lead to short term market rally opportunities. We shall see...