After consolidating the large gap up, the market has trended higher with very shallow pullbacks that have all been eagerly bought up. The move is pretty broad-based with the stocks that were hurt the most last week, rebounding the most today.
Right now, it's a day to day market. The S&P's up so much that it's hard to chase because the potential gains are limited and it's such a news driven market. Intraday volatility has created a decent trading environment though. Opportunities like today sprout up with decent profit potential.
Negativity has overcome the market and this bounce was due. How long it will hold on though is a different question. The fed better deliver on another 50 and more "creative" measures too or else the market may get thrown into a tailspin once again.
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