This blog post originally appeared on RealMoney Silver on March 31 at 7:56 a.m. EDT.Despite a not-so-surprising selloff yesterday, the stock market's performance, by nearly any measure, for the month of March was impressive. At the risk of making a market statement based on one day's performance, equities failed to collapse and staged a reasonably good late-day recovery, which has continued into this morning's futures ramp. Anecdotally, the bears came out of hibernation in force throughout Monday on the pages of RealMoney; on CNBC, with the possible exception of Jim "El Capitan" Cramer on " Mad Money"; and in three meetings I had with fund of funds managers in my office yesterday, who, respectively, forecast new lows for the S&P 500 of 500, 550 and 600. The fact is that few, if any, believe a sustainable market rise is on the horizon. Rather, the almost universal view is that the rally from the March low was a classical bear market rally. I respectfully demur and have taken the variant view that the March low was of major significance, likely a generational low. Tactically, I covered my trading shorts from Thursday into yesterday afternoon's downturn.