I think part of it is certainly a relief rally that the blackout is behind us.
Until both the economic and corporate news start moving more consistently higher, you won't see another big move up for stocks.
September tends to be the take-a-breather month, historically. I would guess the market over the next few weeks will be bound to a narrow trading range as companies begin to report earnings.
The fundamentals are improving, so that's great, but there's always the risk after the run-up of the market being a bit tapped out.
Things have been so gloomy, (but) now many people sense the bottom is here and we'll start to drift upward.
You have a number of issues, not the least of which is the upcoming [Fourth of July] holiday.
If we do go to war, probably as soon as the war begins the markets will take a lift, as they did in the Gulf War. If it's short and successful, the markets could rise, but if it's not -- or if there are nuclear, chemical or biological attacks -- it could be negative for the markets. It would be a huge blow to confidence.
Last week was down, so some of today is a reaction to that, with a bit of a bounce.
We're also still getting support from the low interest rates. While Treasury yields are not as low today as they've been, they are still historically at a substantial low, and that lends support to equities.
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