Here is a longer term chart of the SP 500 showing the decline with the unfolding financial crisis, and the rally from the first major market bottom in equities. The rally has been a nearly perfect 50 percent retracement.
Here is the same view of the SP 500 but deflated by the Euro. This puts the rally into a slightly different perspective, which is not nearly so dramatic, about a 38.2% retracement which is a decent bounce.
Again the same chart of the SP 500, this time deflated by gold. The rally is stripped of the monetary inflation supplied by the Fed, and appears to more accurately reflect the 'jobless recovery.'
For the mystery of lawlessness is already at work. And the name of the lawless one will be revealed. Not everyone who calls to me saying, ‘Lord, Lord,’ will enter the kingdom of heaven, but only the ones who do the will of my Father. Many will say, ‘Lord, did we not prophesy in your name? Did we not drive out demons in your name? Did we not do mighty deeds in your name?’ Then I will declare to them solemnly, ‘I never knew you. Depart from me, you servants of lawlessness.'
Matthew 7:21-23