Stocks Get With the Program

"If you can see some follow-through [to Wednesday's reversal], we can say for the very short-term a significant low was put in," Heekin said.

Finally, as alluded to here last night and later confirmed in RealMoney.com's Columnist Conversation, Bob Brinker, of Marketimer, reported Tuesday his "long-term stock market timing model has returned to bullish territory for the first time since January 2000."

"Although additional minor stock market weakness is possible, we believe the market has reached the vicinity of a major cyclical bear market bottom," Brinker wrote in a bulletin to subscribers. He recommended a 100% fully invested position in equity portfolios, and predicted at least 25% gains for the S&P 500 and "significantly greater" gains for the Comp in the next one to three years.

Brinker is certainly a controversial figure. Having written about it at the time, I certainly recall his short-term bullish call on the Nasdaq 100 Unit Trust (QQQ Quote) in October 2000, which he reiterated in January 2001. Despite the QQQ's dismal performance, Brinker hasn't rescinded that call, to date, according to longtime Brinker watchers and subscribers. The market-timer and radio personality could not be reached for comment.

Clearly Brinker isn't infallible. Then again, who is?