People still view this as a correction, not a bear market. Midday, when the Comp was still in the red, he said that he wanted a rally after five consecutive down days. He got just that this afternoon. The large-volume rally gives him pause, and he expects today's rally to continue for some days. That tells me that even after all the declines of late people remain very bullish.
People are still very quick to turn bullish.
There is no fear in the market. That is not typically the kind of mood you get at market bottoms. Short the coming rally.