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.

I continue to believe that, after a shallow pullback (which we might have already witnessed), the market is poised for a saw-toothed advance into the summer to 1,050 on the S&P, which is far in excess of even the more optimistic market participants' expectations.

SPDR Trust (SPY) -- Expectations
Bloomberg

My variant view on the market corresponds with a variant view on housing, which was at the epicenter of our economy's woes and, through a variety of recipes (of a derivative kind), nearly bankrupted the world's financial systems.

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