Is the bounce-back convincing? No. What will be convincing? When Russia-Ukraine gets off the front pages, stocks can rally.
Remember my thesis, that Europe's the driver of so much right now, and we either don't want to admit it or can't factor it in. Do you really think that Honeywell (HON), General Electric (GE), Boeing (BA) and United Technologies (UTX) can keep going down on no new news? That's Europe.
Europe actually had some good news -- the Portuguese bank bailout -- but as good as that is, you are still not getting positive action in those industrials.
It's impossible to feel "comfortable" about Europe with that Ukraine tinderbox, though.
Meanwhile, President Obama had harsh words -- not for the Russians, but for businesspeople! It's a nice break from bashing Putin.
I think that we can continue to bounce back if Ukraine simmers down, I just don't know why it would.