Thumbs Up?

After several weeks of continuing dropping stock markets, with a fall in bear territory for the S&P and the DJIA, last week we have seen a myriad of signals the market interpreted as an omen to better times and fueled a global rebound.

Signals for a bottom:
VIX: the volatility index briefly crossed in Tuesday the 30 level which is seen as a "buy" signal
Sentiment: The Merril Lynch sentiment indicator is at its lowest level in 30 years, which is also a buy signal.
Oil: Oil have fallen more than 10% from its historic high of 150 USD/barrel

Those weren't clear signals that we were in capitulation mood, the situation that many wait before declaring a bottom has been found. If this is a short term rally just time will tell, meantime ¡enjoy the ride!