The worst is far from over, a few up days in a row and everyone thinks its all better, wrong, do not think for a second a new bull market is emerging or that a bottom was put in or that new money is going to rush in from the sidelines and send the markets to new highs. Its far from happening, there isn't a single catalyst that could send the dow back to 14k let alone 12k.
You are persistently one of the most bearish people I've seen here, you should realize. I think the news is indeed negative, but you are forgetting one thing: The US govt can NOT afford deflation at any cost, and will do everything in its power to prevent it. That means equities are going up (but will probably underperform some other assets in the long term). In no way am I saying we should jump up for joy, since we'll all pay (probably more) in overall price levels with this new money supply that likely won't be mopped up when banks get back to more normal levels of function. There are better causes to fight than be short equities here. (ie short dollar, short bonds, etc)
Break out the MACD /RSI /CHANNELATORS... gadz, something changed and now stocks are going up... what??????? Here's my guess: In weeks past, funds could not pay their 90 day debt that they usually roll over because of the credit freeze up, they had to sell stuff to pay it up so they sold stocks and gold and everything. Now the credit freeze has thawed a good bit and they can borrow again and buy the stuff back... at the same time dollars in circulation became scarce for awhile and the price rose in terms of other currencies but now it should come back down