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Traders fishing for a bottom

VIDEO3:1803:18
Pros and cons of today's rally

Wednesday's rally will need to continue Thursday and into the end of the week before many analysts find more confidence that the stock market is firmly on its way upward.

"The bulls and bears are fishing for positions as we head into the September Fed meeting," said David Schiegoleit, managing director of investments at U.S. Bank Private Client Reserve.

"The bears may want to retest those lows before we get (to a fourth-quarter rally)," he said.