Have we hit bottom?

That’s the dumb but obvious question to ask in the wake of today's mess. Dumb because nobody knows, but obvious because everybody is getting a mite nervous. To give you an idea of today’s 358-point Dow carnage, not one of the 30 stocks on the venerable index managed to be on the upside. That’s unusual. Of course, it's sort of been like that all week: On Tuesday, more than 10 percent of the issues on the Nasdaq reached new lows. David Gaffen at Marketbeat notes that this has happened 14 times in the past 10 years and in all but two cases the market reached its low within six days - but only after falling even further (and in those two cases the low was reached within a month). Got all that? Actually, there's a pretty strong case for stocks being oversold after several weeks of losses. Paul Hickey, co-founder of the research firm Bespoke Investment Group tells Tom Petruno at Money & Co. that the market is ready to bounce back, at least near term.