The coast is clear?

We may have ended the day up 140 on the Dow, but we fell 100 points into the close as the market tested the upper end of the range we have traded in since mid-August. This was a weak close, but you would expect the levels that acted as support on the way down should act as resistance on the way up. That is what we saw into the close as we just about kissed the 1200 level on the S&P, which is our next level of resistance. The bullish case was being sold today and you know what? I'm buying it. Right now investor sentiment is as bearish as it was in March 2009. Does that date sound familiar to you? It should. It was the market bottom during the "Great Recession". That's a very bullish indicator. I think we'll have some down days on Europe in the next few weeks so that's when I'd do my picking. Things can change quickly so we have to be on top of the news out of Europe, but for right now, I'm liking what I see.