Yes markets are rallying- they were forecast too about 1 month ago and they will continue to do so in a 5 steps forward 3 steps back approach- to alleviate alot of the the dowbside that has come about since Oct '07.
They will retrace approx 50% (really anywhere from 38-62%) before the next major downside move.
And when that downside move comes, it will make the recent plunge in stocks look exactly what it is- the opening shot!
This bear markey is WAY from over and before it really bottoms - about 2012-2014 you'll see the Dow index below 4000, S&P below 400. As for the more speculative Nasdaq...????
You will see the US enter a state od severe depression (worse than 1930's) and much of the world will follow, though not to the extent of US.
By the way, UK, Oz, HK, China, India, Spain, South America....guess who's immune from all this?????