It's been this kind of market for the past two weeks -- one day bearish and the next bullish. The temporary condition is reflected in the image above. The debt situation in the United States has a lot of moving parts but all seem pointing at some sort of resolution, which is encouraging even though Moody's says they may still downgrade. In Europe, the bulls were encouraged by weird statements from authorities that they will solve the Greek situation even as default seemed likely.
Gold prices fell sharply on the news of a possible debt deal which shouldn't surprise. Oil prices rose on concerns over supply and inventory data. For the most part, the dollar was flat on the day and bonds were still well-bid despite the stock market rally, most likely on debt relief.