At noon today, I bought ETFs.  I am now long stocks. 

I am expecting a vicious bounce similar to the ones seen during the last bear market in 2001 and 2002 when stocks collapsed and were then followed by substantial bounces retracing 50%-60% of the losses.  I am guessing we saw the near-term lows on Friday, with the intra-day reversal on big volume followed by the huge gains today.

I do not think the market has ultimately bottomed, as I believe we will retest the lows and perhaps break through to the downside.  However, I think there is an opportunity on the long side for a trade.

The Dow closed at 9388.  A 50% to 60% retracement would take the Dow to 9900-10300.  The S&P 500 is at 1003.  A retracement would get the index back to 1075-1130.  The Naz finished at 1844.  A bounce into range would mean 2000-2100 on the Nasdaq.

But it is only a trade, and I will quickly cut my losses if I think I am wrong.