Oversold Bounce...so What's Next?

Today's oversold bounce should have been obvious. Fund managers and institutional investors can't keep their hands off of a good deal and the street was definitely littered with them after the past two weeks volatile downward spiral. On top of all that, the markets were shocked back to life via the Federal Reserves billion dollar cash injections. Today could have ended a whole lot uglier if the Fed hadn't stepped in. Unfortunately it is still far too early to tell if the markets primary trend will be saved. I tried to not be too greedy so I covered a bit of my futures contracts for some impressive gains. I still have a portion of them open just in case. My stock shorts jumped up quite considerably from today's late buying spree. I searched for some new longs but I haven't found anything worth it. For now, I'll just hang onto my current holdings as they are working out just fine.