The main characteristic of equity markets right now is volatility. If you take a look at a daily chart of the S&P 500 Index since the beginning of 2009, you can see it immediately. The S&P bottomed in March 2009, then played the bouncing upward game for most of the rest of the year, looking like a Slinky toy going up the stairs rather than down. After the January 2010 correction, the Index got back on track in February and rallied beautifully through the end of April. At that point, the bears got a grip on the market and...