Markets rallied on the heels of Ben's big announcement of the FED buying all kinds of interest bearing instruments sending rates down and inflation supposedly up as gold and metals rallied- as folks feared the full power of the printing press.

The VIX is back to 10% under the SMA 10 and the RSI (2) levels screaming sell as they trade near 99 on most major indexes.

AIG did get put on the back burner as the FED news dominated the afternoon chatter.

So is the rally for real and is the bottom in for now? No idea but it certainly has been a viscous rally off the bottom and the big bottom caller Dougie Kass did tell all the stocktwits.com folks this afternoon that his initial target has been reached and he is doing some selling.

For the FIB folks - the SPX high on January 6 was 944 and the low on March 6 was 666 - so of course the 50% retrace - 806 --and we did hit 803 today.

Finally, an interesting time line of recent events:

February 19 -(SPX 779) Meredith Whitney leaves to start her own firm (classic bottom?);

March 3- (SPX 696) Dougie Kass calls a/the bottom;

March 4- (SPX 714) President Obama says buy stocks now;

March 6- (SPX low 666) Cramer says worst case scenario for DJIA is 5,320;

March 14-( SPX 757) Roubini on the "suckers rally"

And if you never saw it and I didn't until now- Jimbo's predictions for 2008:

GS closes the year at $300;

AAPL reaches $300;

GOOG to reach $1,000:

MER JPM CL CLX WHR BDK get taken over by European companies;

Finally- he predicts that victims of foreclosure will lead a march on the White House and lay siege on the FED.

And the best of all- "But if Bernanke or a future Fed chair does cut rates meaningfully, here’s a sure bet: That’s the time to start buying."


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