I don't think the market has bottomed out yet. There could be a new more or more bearishness would set in to cause panic. However it's December period now, so it may take some time for the REAL Selling to appear.
Update, 16 December 2013, 9:11am
Earlier at 8:57am before the market opened, i gave my bearishness outlook. Market opened at 9:00am. The STI got slammed down!
Ronald K - Market Psychologist - The Big Speculator