The market is up +270 points! Oh my goodness, it's such a big day! No. It's not. +270 points is nothing. The bounce was expected.

Here's the problem: We lost 9% yesterday, the 4th largest down day in history, and we managed to gain back "only" 4% on the SPX (or 3.3% for the DJIA). I couldn't be bullish unless the market made a dramatic turn in sentiment and nearly canceled out yesterday's losses. I'll need to see another +4-5% up day tomorrow, to even give the market a chance.