Bears still growling, but this market has horns

There's no point in debating the merits of whether this is a doomed (bear market) rally or the start of a new bull market.

With just about every stock on steroids this morning (pre-market), it is what it is at this moment. You can either stay in bed and get those z's or get up and make some cash. Staying too bullish can hurt, just the same being too bearish. It is always worth hearing a counterpoint. Doug Kass was right all along about the decline of the market. (He went bullish a few weeks ago.) Then there's an unyielding perspective of continued misery from Merrill's David Rosenberg. The instability of the housing market, he says, will continue to thwart any rebound by the economy and market.

So be it. My only concern this morning is if and when to take profits on C, STP and WFC. Though the mark-to-market vote is a few hours away -- odds are the FASB votes yes for change -- there's nothing wrong with taking profits rather than risk watching it blow away like dust should something unforseen occur. Up 9% today already (before pre-market).