This basically shows that inflation is not really an issue.

Bonds at these yield levels offer very little value. Inflation is low but it's not that low to justify bond buying, especially given the U.S. economy is not slowing at a fast pace. Stocks offer a much better value.

Some people are beginning to get concerned with the housing market. That is enough to put some pressure on home builders and home-improvement stocks.

Certainly seeing more merger and acquisition activity going on encourages people too because it's a signal to them that things are undervalued.

The oil data is giving some support to the stock market, especially given the mixed company earnings that have been released in the past couple of days. Declines in oil prices are always positive for equities.

You are seeing a relief rally. After all the days of selling we've been having, we can finally buy now.