Analysts predict market hits rock bottom

It is official, analysts in New York are declaring the bell has rung and the market has hit rock bottom. Analysts now believe that the market has reached the lowest point, and that any further risk of "significant" downside is minimal. UBS head of institutional sales George Kanaan believes the market is in "price recovery mode" and a significant amount of short covering is taking place. As if on queue, banking stocks have begun rising with the major banks in Australia surging between 5 and 10 percent in yesterday's trade.

Source: The Australian