As said previously, we've gone long some index calls. If you are also going long, please use some caution and be prepared to scale in slowly as there is one important red flag in today's "bottoming" action: the leader stocks are not participating, thus far, in the "bounce". We're bought our pilot position and are prepared to buy some more tomorrow and next week (we almost always buy in three parts to these type of swing-trades) on further weakness.
If the leader stocks get out of their misery and start showing some green, we would instead add to the position today (since it would give better confirmation of a true bottom) If the Nasdaq closes well but momentum stocks close red, then be prepared for further weakness.
As we write this every single solar and Ag stock we follow (plus AAPL GOOG BIDU RIMM) is deeply red while the Dow has gone green.