It doesn't get much grimmer than this. And that, paradoxically, may be the best reason why the stock market is knocking on the gates of a rally that will at last deserve the name.

Yesterday, more than 1300 individual stocks touched new 52-week lows on the NYSE. That's an astounding figure. In fact, after deducting the handful of new highs, net new lows reached 39% of all the stocks traded on the Big Board today.

How significant is that dubious achievement? Well, over the past 30 years, there have been only eight daily spikes above 30% net new lows. Each has occurred at an important market bottom (though not necessarily the final bottom in a downtrend lasting many months).

In short, if you've felt like pressing the "sell" button in the past few days, don't. The market is about to bounce. As the rebound gets under way, we'll evaluate its health. Then, if necessary, you can reduce your exposure at somewhat more favorable prices.