Bailout bill is passed, but it will be at least a month till anything happens.

TED spread is still near all-time high, and carry trade is still completely unwound – credit panic has not subsided. Buying stakes in banks and buying bad debt would help to stabilize situation.

We’re still facing a recession and my long-term stance on equities is bearish, until either the dollar index gets back below 75 or there’s a clear Case-Shiller bottom. Short term I think that the market is oversold.