Looking for a bottom when there is nowhere to look

According to The Wall Street Journal (subscription required), "It's basically impossibly hard to call a bottom for bank stocks," said Craig Peckham, equity-trading strategist with Jefferies.

That statement can be applied to the entire market. Even stocks in what were considered the best companies in the world, such as General Electric (NYSE: GE), keep falling

There are many reasons given for the ongoing stock sell-off. Banks may be taken over by the government, for instance. But that's a weak excuse. Bank stocks are so low, there's not much money for shareholders to lose. Earnings at tech companies and consumer products companies could get worse. That would indicate that business and consumer spending are not coming back this year.