there is a lot of money on the sidelines that is just itching to get back in when the market gives a clear trend up.  however, this doesn't consider the psychology of emerging markets which have seen the previous highs and see the current prices as a steal.

id say the end of this week is the bottom and we will see a $20-30 jump next week.  

new high in july

next peak in the winter shopping craze as more people use it as a payment system and gifts