My first guess would be retail sales (though the numbers weren't that great), though it is something of a mystery, the uptrend on the ES has been going steady since 3:40EST yesterday so I doubt today's news is the reason. Could be that the sell programs are primed, they're just waiting for some bad news to pull the trigger. Some of the selling would have been in anticipation of further big writedowns, poor earnings, trouble with the bond insurers etc. which hasn't quite come to pass. That said I think we'll have another week or so of flat or slightly up markets with a big selloff by month's end, to retest the lows. No idea why there would be unexpected/uncorrelated behavior in the 10yr markets, etc.
Take a look at ES weekly fast stochastics and you'll see why! A reverse twin V head, Head and Shoulder indicating extreme accumulation or rather artificial support, causing the rally which will still continue well up into low 1400's and them will tank like never before!
You're the one that doesn't know why the market has gone up and is searching for an answer and is now complaining when you get one. The market finally strung together three up days in a row and you can't understand why yet you dismiss the fact that it is a bear market rally. Maybe it can be said that The market yesterday interpreted the Buffet news as a positive and Today some good tech news. Bear Market rally.
Don't forget the Roger Clemens Senate dog and pony show. I love how the guys sit up on the throne pontificating, priceless!! http://www.nytimes.com/2008/02/13/sports/baseball/13cnd-clemens.html?ref=sports
Schrader and MVIC have it right. It's option expiration week guys. It is very common for there to be buying pressure in options expiration week. something to do with arbitrage and buying programs i guess. Let's wait until next week to see whether this is for real. In the meantime lets continue our brilliant trading and let the market do its thing..
That and Datacrunchers prediction taken together is one of the most humorous posts i've encountered on ET (Apparently, I am easily amused. I'm still chuckling)
Maestro -I'm curious what software you are running on your 24 monitor display -looks good. thanks for your reply.