The similarities between the July 02 to March 03 Bear market low are striking, but it is running twice as fast, and there are differences in the sentiment as well. The blue Put/Call line was showing increasing fear into the October 2002 low, and an equal amount of fear as we came close to testing it in March 03. This year things are a bit different, since the November low was made with less fear than the October low, even though it was 100 points lower rather than only 25 points lower back in October 02. This difference suggests that this low will not last years like the March 03 low did, but it may very well continue to behave the same way for a number of weeks or even months and we shall keep an eye on this Fractal/Analog.

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