Long-time readers know that we are not much for instant market analysis here, but after a day like yesterday, it is worth taking a look at where the market stands.

Charles Kirk at the Kirk Report notes that the most recent sentiment survey from the AAII shows both a low percentage of bulls and a high percentage of bears.

Barry Ritholtz is looking for some follow-through to confirm this “one day wonder.”

Adam Warner also surveys the landscape and finds a number of analysts who think yesterday was merely a pop in a longer term downtrend.

Ticker Sense notes that after yesterday’s move most global ETFs are now back to neutral territory.

For those looking for a little fundamental support, Morningstar.com shows valuations for their universe of stocks are levels not seen since the middle of 2003.

Conventional wisdom holds that these quick, high volume pops are more indicative of a rally in a bear market. However Jason Goepfert at Sentimentrader.com has some interesting things to say about the cluster of high volume surges we have seen in the past month.

Good luck out there.

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