Pardon my phobia about getting back in the market just yet... In this case, I'd rather he be wrong and me be out, than he be right and me be IN.

We should mention here what it actually means, per experience, when the market manages to advance by over 400 DJIA points in a single day. It doesn't mean anything good as it were. So far – since the March 2000 top in the Nasdaq – every single time the DJIA has risen by 400 points or more in a single day, the market has not long after made new lows below the low whence the rally sprang from. On every occasion but one – the 2010 summer correction, which was comparatively mild – did the market subsequently suffer a larger decline than the one preceding the 400+ points single day rally. Obviously, the sample size is quite small and there is no guarantee of a repeat performance. The fact remains however that bull market rallies are just not that fast and big.
more...http://www.financialsense.com/contributors/pater-tenebrarum/2011/08/10/a-first-in-eight-decades