I put on some shorts going into the close, ... It seemed like a good idea -- the market had simply gone too far, too fast.
Today's swings reflected uncertainty at the end of a week in which investors were pelted by wildly conflicting news on both earnings and the economy, ... Every good report this week has met with a bad report. Yes, the market is trying to establish a bottom but it's not a done deal yet.
The seasonal patterns are very clear and they can be a good guide. 'Sell in May and go away' is generally correct, but not absolutely so.