Jack McHugh on yesterday's rally:

As for whether this rally can stick around for more than a day, I can only say that it is quite possible. A sustained up move is even likely if folks somehow become convinced Ben Bernanke, Tim Geithner and the return of the uptick rule will save the day. I harbor less belief that these “solutions” are really just cosmetic in the face of a large and ongoing debt liquidation. Besides, violent rallies like the one we saw today are a hallmark of bear markets. Thus, I agree with Jeremy Grantham when he says “there is still a 50-50 chance of crossing 600 on the S&P 500?. As an individual investor for the time being, I have no career risk to manage. I can be patient and I advise others to do the same before putting all of one’s capital at risk. I’ve recently bought a few names on the way down, and I will have no problem letting them go should the crowd want to pay more for them. Let the risk appetites come back; smart investors will be happy to feed them.

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