Mark Arbeter of Standard & Poor's agrees that the likelihood of a near-term pending change in trend is unlikely. But Mark does make six excellent points as he concludes that the current rally has been stronger than the rally off of the November lows.

1. The price rise during a 10-day period has been greater than the move off of the November lows.

2. The S&P 500 is now above its 65-day exponential moving average -- that was not the case in November.

3. This rally has penetrated a down-sloping Relative Strength Index (RSI) line drawn from October 2006.

4. The up/down volume on the NYSE has reached its highest peak since 2003.

5. The 10-day NYSE up-issues ratio has exceeded the peak of the November rally.

6. The percentage of stocks hitting 52-week lows in March was 26%, while the percentage at the November low was 58%, despite March being at a lower level on the S&P index than in November.

All of this analysis, however, doesn't preclude the likelihood of a strong sell-off that could even result in a new low, though Mark's points are well taken.

So, with the strong likelihood of renewed selling, it would be wise to cover shorts at break-even levels or for a slight profit, and then wait for the inevitable signal that will tell us the direction of the next move after that.

Bear markets are designed to test one's patience, but for those who can endure, the rewards are worth the wait.

One way to make money in this bear market right now is with my Trade of the Day, the Dow U.S. Regional Banks ETF (NYSE: IAT). Its focus on regional banks and 6.8% dividend yield may make it a good long-term investment.

Sam Collins is a contributor to OptionsZone.com.