The downtrend is still holding for the Irish market,
Interesting that many are surprised with the US job numbers, you have to ask yourself how would you feel if you are the average American. You are witnessing your home fall in value, your investments fall in value, you are witnessing record prices for fuel, and now food and health care, and the news comes out the unemployment is headed higher. How would your spending habits change, what will happen to consumer confidence?
These are all future deflationary forces on the economy, unfortunately it is spreading around the world.
I don't recall any period in history that had the combination of these forces, at least for Japan they had commodities prices falling even during the thirties commodities prices fell. I don't know of any period similar to this.