Play Editor's Note: The rebound in the market today was pretty impressive. To come back from a big deficit this morning and close strongly in the green is bullish. This looks like a one-day bullish reversal pattern for the major indices and many of the sector indices. However, it also looked like a bullish reversal last Friday. Everybody wants to call the bottom, which means we're not there yet. Keep an eye on the VIX. We might hit a significant bottom when the VIX hits 30 or higher. This doesn't mean that today's bounce won't have legs. I just don't expect it to last very long. Remember that bear market rallies are very sharp but they tend to be short-lived.
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