Ordinarily, we would have a technical bounce at this level. But then the question is, have you seen a bear market bottom? I don't know if we have at this point.

When the markets struggled for a technical bounce in the morning, that was investors sending a message that we're either heading toward an economic recession or toward a profits recession.

Tobacco is the best performing industry in every single bear market,

I think what we saw yesterday (Tuesday) was a bounce in the bear market. It could continue. There's no question there are going to be sharp rallies all the way along in here. But I think the trend has been as long as the Fed has been active, we've basically seen a down market with some rallies in it.

It's a welcome technical bounce and a relief for the markets.

There are technical ebbs and flows in the market and this is a technical bounce.