There wasn't much at all going on until the last 1.5 hours of trading.  Then volume and stock prices began to shoot up.  It could have been Bush's jawboning about a stronger USD, however it is my guess that the market welcomed Benny's plan to re-org the federal reserve, giving it more control over the financial sector.   I expect we will get some more short covering tomorrow and perhaps a couple days after that, but my intention is to be very cautious when many of those shorts are covered.  That is a lot of people that no longer have to buy any shares and I see no rush of money coming in from the sidelines.  In fact, money is still seeking safe havens as demonstrated by volume and price action of the 5 and 10 yr treasurey.   I did have a buy limit order out on a utility that was hit this morning, but for now I intend to keep the rest of my cash and bear funds. 

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