This blog post originally appeared on RealMoney Silver on Jan. 25 at 7:53 a.m. EST.The rumor of a $40 billion derivative hit in Europe coupled with the artificial pressures from the unwind of Societe Generale's rogue trader's positions probably established a good market bottom during "the dip of death" at midday on Wednesday. Indeed, the negativity bubble, driven by the above (and other factors) as well as by a shell-shocked and morose media that loves 'em when they rise and hates 'em when they fall was as full of air as it could get two to three days ago. Although that Wednesday low will not likely be threatened for a while, investors face an uncertain equity market, and both Cassandras and permabulls will be wrong over the next several months. We are not likely embarking on a new bull market nor are equities going to collapse to new lows. Rather, a trendless, uneven and difficult-to-navigate market appears ahead for equity investors. Pick stocks not markets.