In my view, this is no longer a market . . . it's a casino -- speculators are driving the market, not investors. I don't view this as a healthy sign. When we start climbing 50, 75, or maybe 100 points a day I will be much more impressed than I am with a 900 point spasm, triggered by gamblers betting that an expected rate cut is good for a temporary bounce. If "buy on the rumor, sell on the news" still has any validity, I wouldn't be surprised to see some spirited selling once the rate cut is actually announced. What continues to worry me is that the underlying cause of this mess is still humming along unabated, i.e., the price of houses is still falling and the American consumer is still tapped out. Until we turn the corner on housing, I can't help but feel than any rally will be difficult to sustain. Bottom Line: I'm looking for some news that firmly suggests that houses have bottomed out -- until then, I'll probably just sit on the sidelines and watch the high-rollers play out their hands.