Now being a daytrader I never trade on fundamentals. I know that crap can rip higher and never look back.
I don't think I've seen the market rally with such little breadth and with BAC and C as obvious bk or nationalization targets within a week.
I have begrudgingly covered my shorts since the market has humbled me and my clever "opinions" many times.
It may be a case of trader capitulation. It has always been said that you can't have a market rally without the banks. As BAC and C have gotten so cheap, their relevance on the market averages has been greatly diminished. BK in the works? nah, but equity probably won't be worth the paper that it's printed on. Energy is now the market leader.