I'm a big San Antonio Spurs fan and so is my wife, so much so that we couldn't watch last night's game. We turned periodically to the channel the game was being shown on and of course it was very exciting to see the (former) world champs mount a charge. Yet, inside my gut, I felt they would lose the game because they just never seemed in sync. To a small degree, it would be understandable if investors felt the same way about the rally attempt today. It's gutsy but the angst is palatable. If an instant poll was sent out now and the question asked, "Will today's rally hold?" I think the majority of respondents would say "No". Of course, over the last few days the overwhelming lack of faith in any rally attempt played a role in those attempts fading....and fading fast. I think today could be different, as the market has fended off a couple of pullback attempts. That said, if indeed the market doesn't falter into the closing bell, but rather surges, then it would be a super buy signal.

By the way, Tim Duncan is the most underrated guy in the league and a true gem of a person and competitor.

Okay, so the fast money is back into the market and alternative energy stocks are higher. Hansen (HANS) is higher, Google is higher (I think the most aggressive of the fast money crowd is skipping this name for now, however), and a lot of the cheaper priced tech names that scored big in the first quarter are up too. There is marginal interest in other groups in the market. Although the Dow is solid, there isn't a clamoring to be in Blue Chips in a big way, unlike yesterday when it was obvious that everyone had to park in large-cap industrial names or stay on the sidelines.

If we have reached a bottom everyone will look back and see how the S&P 500 held at the 200-day moving average. An additional upside test includes 1,278 and 1,296, potentially the springboard, as a close above that point should result in a move to a double top or higher.

I like the action and think it will hold. However, stocks are so oversold that I'd rather err on the side of getting in a day late, because if this rally doesn't hold even true believers will become heretics.

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