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What does some happy speak from a Fed Governor (Kohn) and a Fed $8 Billion mortgage-only repo equal? 350 Dow points of course!

I think it is a bit premature to call the correction over, but I am liking the action thus far. The big concern is the lack of volume on this rally. That speaks to more short-covering than renewed buying interest.

I personally am using this "gift" to get out of Dodge on some of my leveraged long products. There will be plenty of time to comb through the wreckage in the next few days.

I still like the global growth material plays but then again so does everybody else and that worries me. The CLF, GNK, BVN, RIO, et al are the crowd favorites and they are crowded on the long side.

My thinking is that if we are going to grow our way out of this credit mess it will be slower growth, and perhaps most beneficial to Technology stocks. As this market plays out and fundamentals are again a reliable indicator of value I will be wading back into individual names and away from the relative safety of the ETFs where I have been hiding (rather unsuccessfully I might add).

Source: Responding to This Sudden, Low-Volume Rally