The rare bird, better known as the intra day reversal, was nowhere to be found today. Recent bottoms have not been of the whoosh variety but rather a cessation of downward momentum followed by attempts higher by the market.
I think expectations regarding economic reports are about as bad as it gets and it will be difficult to negatively surprise investors at this point. The market is oversold and sentiment is very negative. I believe it is best to buy under these conditions even though it is difficult. I don't believe the market pays people to be comfortable.
I do have my reservations which include the fact that we are not oversold on an intermediate term basis, the economy is getting worse and we are at the time of the year when bad things are known to happen. That said, I think at this point the risk/reward favors the upside for the next few days and possibly into Labor Day.