Going back a couple of days you can see where I had stated that I thought there was a high probability of a short term low being formed. Obviously now that we are 600 points higher on the Dow, that call was correct.
I went "ALL IN" at the close of Monday in most of my accounts. One in particular is a retirement account that does not like market timing. I can't wait for the conversation scolding me for this move. It was "lucky" to have bought the low close, but sometimes you get lucky when you know what to look at.
It is too early to tell if this will be a major low, but what appears to be happening is that what began as short covering is picking up some new buying which could propel this sharply upward. That is conjecture, but this is the time of the year in general when you want to be long stocks to take advantage of the seasonal bias to the long side. The bottom line is that lower rates are good for stocks, and that is the environment we have. As a result, when you get dips during low rate periods, you need to be looking at buying stocks.