Based on what? The best possible outcome for everything (QE2, elections, etc.) is more than priced in right now. Sure, it can go a little longer on Fed POMO, the SEC selectively cancelling trades (short/sell trades only, of course), etc., but the market is like an aging, injured athlete running solely on steroids, growth horomones and pain killers. It will end soon enough and won't end well.
this day isn't so bad, thought the markets would be under more pressure, semis are almost in positive territory. There is a chance semis could put in some gains and lift the entire market.
Imagine if apple and ibm were up, whewww, these markets would be up an easy 2-3% today. Rally time is coming up shortly, semis and financials in the green and ready to lift the markets up, get ready to buy now.
Semis and financials haven't even broken their August highs. They are hardly evidence of anything other than massive divergences and a manipulated/unstable rally.