Is the Market Bottom?

The biggest news before the open today is Microsoft (MSFT) buying (YHOO). This news is basically saying that stocks are cheap. The bigger cap companies are buying smaller rivals. The negative news front is still remain, recession fear, bad housing market, sub-prime problems, inflation fear. But based on yesterday's trading pattern, it looks like the short term bottom has been reached. It maybe OK to dip a small portion right now to test the water. If we are wrong, we don't have to lose a lot in it.