Several things conspired for this bounce

Markets built on their gains from Friday. These kind of spectacular rallies are key feature of bear markets. The volume was low and the Market Monitor 4% breakout ratio is 852/95, that is very low for such a big bounce.
Several things conspired to make this opportune time for the bounce:
- A big screw up at Citi followed by weekend rescue.
- Extreme breadth readings on Market monitor from which market reliably rallies.
- Holiday shortened week.
- Signs of leadership. Finally Barack Obama emerged out of the rock he was hiding under since his election and the market tanked.
- A hints of massive 700 billion plus rescue stimulus package.
In addition last night news emerged that government would create abank to finance hundreds of billions of dollars in commercial debt, like car loans, student loans and business leases.

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