Nice moves, but can you do it again?

It's pretty encouraging to see two nice 200-plus point moves in a row in the Dow.

Financials were some of the biggest movers, and this time it was up and not down for a change.

Could this mean that they've been fist-pounded into the dirt so much that they, and the market as a whole, have notched a bottom? Maybe.

I want to believe that's the case anyway, but after the market's close Thursday, Merrill Lynch & Co. reported a quarterly net loss of $4.65 billion, most of it from exposure to mortgage-related investments.

The Dow gained 484 points since Tuesday, a healthy move to say the least. But I need more convincing before I dive back in.

On his weekly market update podcast on his Web site, local trader James "Rev Shark" DePorre advises caution, despite the strong moves of the last couple of days. He notes that most bear markets will have that occasional rally that gives one hope. But often, the rallies aren't sustainable. He noted that the market is still precarious and people should take more time before taking long positions.

That sounds like good advice to me.

Brian.