Those are big emotional swings even by this market's standards. There's nothing wrong with trying to follow the momentum of the moment, but don't mistake it for careful analysis. Whatever asset prices decide to do for the balance of the day will only be obvious in retrospect. And don't let anyone tell you otherwise.

Do a lot of things suddenly look cheap compared to where they appeared temptingly priced for a buy last Friday? You bet. But, most likely, only if you weren't long them over the weekend. This is fundamental news being mixed in with position liquidation. And how much is one versus the other is still anyone's guess. Moves of this size beget big swings. Lots of opportunity, by definition. But those gyrations, also, have less informative value than would normally be assumed.