The market was hated just 24 hours ago when the market was much cheaper. Now people like the market much more and prices are much higher. The Fed intervention is another gimmick aimed at giving out more liquidity, until investors decide to take credit risk in significant numbers, there is no bottom. Unless housing prices go up, there is no bottom. Days like today get people excited about a retest being successful but the only real thing that has changed is that prices are higher than they were before. I might be one of the few who actually likes to buy for less and sell for more. On Wall Street, buying strength is a sign of professionalism. No wonder these clowns underperform the indexes.
Psychology of Fear and Greed. The level of fear increase as long as the stock is moving downward until to a point [panic] (unfortunately we can't consciously determine that point in advance) where it can trigger an action (sell). The greed is doing the same manner just in the opposite side, the buy action trigger point is called enthusiasm. An experienced trader will prevent his action when the trigger point have been reached or doing exactly the opposite.
I am starting fearing deflation pressure from financial market will spread out. I am feeling Ben's pain now; yes; i was short.