UPS said some positive things after their good earnings results, and so the market rallied.
The character of this rally is questionable, very obviously thinly traded and highly responsive to headlines and technical considerations. But it is what it is, and still hurts if you are on the wrong side of it. The intermediate trend is still lower following the economic news which is discouraging.
We are in short term rally mode, and a break out is threatened. No matter the trend, volatility must be managed. If you cannot do it, better to stay out completely.
More earnings after the close including Microsoft. Tomorrow brings Schlumberger, McDonalds, Ingersoll-Rand, Honeywell, and Ford.