We are all Bears now

As you cannot have failed to see from the newspapers this weekend, the FTSE100 is within a whisker of entering Bear territory - defined as a 20% fall from a previous high.

More relevant to our sector is that NASDAQ has already entered Bear territory; ending last week at 2245 - down another 3% on the week and 21.5% from the 2859 high it hit at the end of Oct 2007. Similarly the FTSE UK SCS index also ended the week down 3% at 489 - 22% off its Oct 07 high of 611.