"That's a faster drop than we usually get in a down cycle."

But we are not so optimistic as to think that the down cycle is over.

Its star has been stuck in the down cycle of an erratic career.

Whether these boutiques have the ability to live through a down cycle, I'd question.

Most chemical companies are in fighting shape to enter a down cycle.

"But I believe it was the giving out of bad news in the down cycle of 1973 that made the market turn around."

Still, some analysts warn that it is just a matter of time before a down cycle begins.

Politicians manage both, so when the down cycle comes they can live for another day.

In the preceding years of the down cycle the loss had been $3 billion.

"We started the down cycle in 1991," he said, with a $150 million loss on $6.7 billion of revenues last year.