It's going to take time, but we're finally crawling out of the pit. Stocks held on remarkably well today, given the huge gains of the previous two sessions (and the ongoing anxiety in the credit markets).

The day began with some weakness in the first hour of trading as nervous profit takers pulled a few chips off the table. Bank stocks, in particular, felt considerable pressure. Soon, however, a steady stream of buyers emerged in the large-cap growth names, and the major indexes ended the session pretty much unchanged.

Don't be surprised if the bears try another raid tomorrow. Regardless, my indicators suggest that we've completed an important intermediate-term bottom -- the kind that normally leads to a rally lasting six to 10 weeks, or even longer.