This is a much more respectable rebound compared to yesterday, and the fact its happening just minutes before Chairman Powell speaks is very impressive.

Still, the S&P 500 is on the wrong side of its 50-day moving average. There is still lots of internal carnage that won't repair overnight.  On the flip side, it also presents opportunities.

I'm also encouraged by the fear index (VIX), which needs to also move much lower, but it acts better.

I think the Evergrande situation is also going to fade away, but the Chinese government might have to come to the rescue.

I do not think the Fed tips its tapering hand, but I actually wish they would - let’s get the whining out of the way and focus on making money.