After gapping down and touching the July 16th closing low, the market began to meander higher. Volume and the advance/decline were sick all day, that is until the last 15 minutes. Volume surged and the advance/decline line improved, although it was still negative on the day. It really appeared to be a large trader buying into the double bottom thesis here. That's certainly what it looks like on the chart now. So unless this market reverses and make new lows tomorrow, we probably have some type of intermediate term low. I would have bet the farm on a reversal tomorrow, that is until the action of the last 15 minutes. Now I'm not so sure. The odds appear to favor a continued move up, even if tomorrow is a slight down day. If we go higher, keep your eyes on those old targets, 1320 and 1349. They are still in play. Although this could be A bottom, I'm fairly certain it's not THE bottom. What appears to be happening in the markets is that the Fed is "mitigating the fallout" from all the problems they've created. It's sort of like this...remember the old cartoons where the character falls off a cliff and it whistles as he falls and then "poof" he hits the ground? Then another character may fall off the same cliff but he keeps bouncing off of trees and boulders that seemingly break his fall, but in the end he winds up at the bottom just the same. Well, I believe the Fed and Treasury keep planting trees and pushing boulders to break our fall, or to "mitigate the fallout" to use their own words. Perhaps that's what were experiencing. Whatever it is, we have to play the hand that's dealt us. So I expect pullbacks to be bought tomorrow and the "double bottom is good for the soul crowd" to be singing at the top of their lungs just like March. And I expect that just like March, they'll eventually be wrong.