12 Year Lows are an Extremely Rare Occurrence
Barry Ritholtz at The Big Picture has posted a chart from JP Morgan that shows how rare 12 year lows have been in the U. S. stock market. In fact it has only occurred twice before now; on April 8, 1932, and December 6, 1974.
The Wall Street Journal also pointed out that the market is over 30% below its 200-day moving average which is also very rare.
This all points to a market that is probably very close to the bottom, although it may hang around these levels for quite awhile.