Based on my past experience. I wasn't basing it on the news, just how the market seemed to go up for at least a day after a big decline.
You know what they say: past experience is not indicative of future performance.
For your sake, I hope this move works out for you. And I understand that only you know your circumstances, including when and how badly you need the cash.
That said, I do want to speak out against panic. Nothing will ruin us faster than collective panic.
This problem was created over several years and it will take several years to unravel. Right now the Treasury is planning to spend about $50B a month to buy toxic paper-—but it has yet to make it’s first purchase. If it takes $700B to finally do the job, that right there is over a year. And that’s with no bumps in the road.
Also Paulson has made clear that the rescue package was in NO WAY intended to preclude further bank (and other) failures. It was only to stabilize the market within certain minimum parameters, while, within those parameters, the market sorted itself out, however ugly that would be.
In short, most people need not react to the day by day volatility at this point.