OP,

where the heck do you see lower lows?
I see higher lows (dec 7 - a little below 600, today - around 680),
check it out, if you don't believe it:

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=90&i=Daily&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=SMA&m1=50&a2=SMA&m2=200&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

price bounced off the 50-day MA on Dec 7 and seems to be doing the same again. Well, if we go lower than 660-670 on MtGox, then we may have a longer bearish trend, until then, it's all standard technical market operation. Technically, we could even go to 200-day MA, which is around 290 right now and still be in bullish market long term, so calm down.