"Oversold Bounce"

I have to turn off CNBC and go to work, but from about 6:30 to now (I am on the West Coast ) I must have heard, "An oversold bounce is just around the corner" 10 times already. Wow, the talking heads are sure trying to do their best to calm this market. So I guess TimerDigest's overwhelming bullishness even among market timing professionals can, at times like these, be taken as a contrarian indicator. I'm glad I didn't take the advice of the short term market timers I subscribe to (they were all going long the past couple of days). I just covered 1/2 of shorts and will probably hold on to the other 1/2 and add to it as the market bounces. I'm quite sure before wave 3 ends, we'll be below 1066 (probably by quite a bit).