The volatility is indeed distorting a lot. Jester mentioned it yesterday re Ciena, glad he made a quick 10%

I also agree that for the average investor it is tough to know what is cheap from a fundamental reason or if it is cheap for good reasons.  I am frankly not impressed with the rally today, it sort of confirms my negativity.  The breath of the rallly has narrowed somewhat as the day goes on, short of a strong rally into the close it is likely to continue to narrow.

I believe that the advance decline ratio this morning was around 4 to 1.  Now it is 2.83 to 1 for the DOW and about 2.3 to 1 for Nasdaq.  The indexes are all well off their highs as well.  Not impressive, psycology has been affected in a negative way naturally, it will take time to digest the pounding of the last week.