The S&P has put together a significant bounce off of the 1989 low. I am using 2008 as a pivot. If the market is able to close above this level, then I will cover hedges and potentially start to rebuild longs. I am a bit suspect of this bounce because it has been led by the utility sector. This points more toward a rotation, not a short term bottom. If one or more of the cyclical sectors can lead the market higher, that would be much more bullish sign. Oil is still down over -1%, so I am inclined to wait and see if this can hold above 2008 before thinking about getting involved on the buy-side of this dangerous market.