Why the rally? The NBA lockout ending? The reason du jour is a combination of good retail sales and a European "fiscal integration" plan. Basically, consumers are out spending and Europe may have a plan to deal with their fiscal issues.
Heck, in one day the market gained half of last week's losses.
Of course we know that the biggest rallies happen in down trends, so there is no reason to get out on the dance floor. Tomorrow is another day.
I remain 100% long.
Link