• The first thing to watch for is the S&P 500 to trade flat for three months. While it continues to move down, investors are expecting two or three more quarters of bad earnings.
• The next signal that the situation is not worsening is car sales.
• From a global perspective, the trading in bonds for developing countries that might default on their debt, nations such as Ireland and Ukraine, need to stop changing hands at distressed levels.
• China's GDP has to stop falling and hold at a level of 6% growth.
• The stimulus package has to begin to pay off.
• Finally, when the government investment in banks and insurance companies drops below a rate of $100 billion a month and begins to slow to much more modest levels as the number of firms that need big bailouts decreases.

via time.com