There is a bid in the market currently. Morning weakness is being bought in later half of day. Probably an indicator of lot of activity by the elephants.
Other encouraging signs are the small caps are rallying. IWF which represents the growth stocks in Russell is breaking above its two year range. Small caps, technology, biotechs are all finding bids. Key earnings play like GOOG, BOT, RIMM etc are rallying.Brokers are rallying. Goldman Sachs and other similar companies are rallying.
The markets reaction to news is also encouraging. The market is shrugging off negative news.
It looks and smells like a bullish conspiracy ;-)