Definitely a pleasant surprise today. But I'm still nervous because there is still a ton of uncertainty out there. Not only that, we've had three completely unpredictable policy shocks in the last two days that have bounced the market around like a pin ball. A .75 cut, followed by a firm "no-cut" declaration, followed by an announcement of a government bailout of bond insurers. The next question is what will the Fed do at their next meeting? If the market goes up the next few days, that reduces the likelihood of another sizeable cut so the market may dip again. If the markets tank again, then a big cut is more likely. I guess I'll be entering the market slowly and in small chunks.
But if this is indeed the start of a bull, there are going to be some serious double digit returns to offset the inflation that will be coming from all the rate cuts; i.e. another asset bubble.