It may very well could be. The VIX closed above the 20 dma yesterday and today there is a very good chance of it confirming a change in market sentiment if it can have an up day. This, along with the SPX chart showing a breakdown by breaking through the 20 dma and the 200 dma just 6 pts away. A break of 909 could signify a major retracement.
But this could also be a head fake trying to luer the bears back in as it marches up. If not, then I find it interesting the rally came to a fizzle instead of a bang, much like the drop to 666 where everyone expected a big bang to signify the end of the downward movement. to me, that is just telling us that this is indeed a bear market and the lows will be tested and probably broken this year.
But lets wait and see before we get carried away. I am still playing it cautious with things like TBT, EEM and CAF, with just a little bit of SRS. I am short KRE and AXP.
Watch the dollar. I have to believe on any significant move down in the market, it is probably just following the dollar moving down and oil moving up