A Market Bottom?

Scary time in the financial markets, fear reigns supreme, usually an indication that market is close to a short term bottom. I am not clairvoyant, but this level of pessimism usually marks at least a short term bottom. Market's biggest Panglossian cheerleaders I know of, are peeing in their pants.

Market has a fear index - it is calculated based on the price premiums on 'options' - a form of stock derivative. The fear index ( VIX ) is at a record high. Fed might cut the funds rate this week, just a speculation.

I could be totally wrong, which happens more often than I am willing to admit.