This may be a 'reflationary rally' such as we had seen off the market bottom in 2003 which precipitated the housing bubble. The rally in gold and silver with the falling dollar helps to reinforce that view. The Treasury and Fed are monetizing debt at a brisk pace. This is bullish for stocks from a nominal standpoint at least.
We are skeptical of an economic recovery, and prefer to think of this stock market action not as signalling a real bottom but as a sucker's rally in which insiders unload positions on the naive and unsuspecting who are taken in by false optimism. It is difficult to tell however, given the opaque nature of the US financial system.
The chart technicals say that if it is not a genuine renewal of the bull, then the rally will likely fail around 915-920. If it is, then it obviously may keep drifting higher along the diagonal trendlines until something dislodges its momentum.
The market will let us know which one it is reasonably soon. Try not to outguess it if you value your portfolio. This is still a "trader's market."
Our key short term indicators have not yet delivered a SELL signal. 
"When you speak these things, they will not listen. When you call to them, they will not answer. 'This is the nation that would not listen to the Lord their God. Truth has perished among them. Raise up a dirge on the barren heights, for the Lord has rejected and abandoned them under His wrath. For the Judeans have done what is contemptible in My sight.' This is the Lord’s declaration. 'They have set up detestable things in the house that is called by My name — and defiled it.'" Jeremiah 7:27-30