Bear Market Bounce Today?

Yesterday's weakness offered at least some hope for a bear market bounce.  Total volume traded for S&P 500 names topped 6 billion shares, couple that with a 3.4% decline and we would expect that much of the weak money has left the market.  Granted there were outside issues at work here (thank you Lehman Brothers (LEH)), but as shown below these volume spikes have coincided with short-term bottoms. 

The only issue which remains open is the VIX index which closed at just over 25 yesterday.  It had a large move on the day, but at the market's lows in January, March and July it reached intra-day levels of 30+.

click to enlarge