Remember the Glory of March, and Buy in the Gloom of December!

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The extraordinarily powerful year-end rally continues, and with it comes the same massive moves in the highfliers that have characterized all of these snapbacks.

Except for one difference. This rally comes almost right on top of the other rally, so you can't dismiss it as easily as the others.

I continue to believe that things have gotten better and that the bottom, murky and slimy as it is, got hit last week. I continue to believe, as I wrote this morning, that those who have an intermediate-term perspective, both mutual fund and at-home investors, have to commit capital here, because we are not going to get to that fabled Nazzdog 1500 that people wrung hands about last week.

Is it a great market? Of course not. The fundamentals are so glaringly bad that we need help from the government in the form of rate relief. But as I have said many times, you have to buy it when it looks most gloomy and sell it when it looks most perfect.

At the beginning of March everything looked great. At the beginning of December everything looked terrible. And just as you had to sell in March, you have to buy now.

That's just the nature of the business. I don't make the rules, I just follow them.