This quotation from an article in Seeking Alpha:

"Stock market technicals are so horrid that one should not attempt to play for a rally even though stocks are extremely oversold. In a bear market an extremely oversold condition with horrid and degenerating fundamentals creates the conditions for an abnormal storm – hint, hint, hint. Numerous pundits and analysts have been calling for a market bottom for weeks if not months due to sentiment readings. They don’t understand the environment now is far different than a couple years ago."

Well, that just about resolves this issue...