Chicken or the egg?

Doesn't matter which came first to the bulls. They're doing the funky chicken dance this morning with the Dow up 212 points (+2.2%, down from its highs, but still...), NAS +40 (+1.9%) and S&P +21 (2.1%).

Futures were juicy going into the opening bell thanks to good news from Spain and China. Lack of bad news in a market that was still oversold after that bear trap/head fake into yesterday's close, and woila: instant hammering of bears and waffling traders. (I'd classify myself as the latter.)

Some of the leaders from yesterday are kicking tail today. FCX (+4.4%, 63.39), X (+3.9%, 42.96), FXI (+2.3%, 40.00). If copper is leading this leg of the rally and China is devouring this orangey metal, along with its positive news this morning, this truly might be the bounce back to bull territory. Even SLV is up slightly.

Financials are doing solid, too, with C (+0.78%, 3.90), IRE (+6.1%, 3.83), STD (+8.3%, 9.74). FAS is up 4.9%. Ka-Powww!

Money has clearly shifted out of safe havens like GLD (-1.1%), TLT (-0.8%), UUP (-0.97%). Tech giants AAPL (+1.5%, 246.96) and (GOOG +2.1%, 483.75) are keeping pace somewhat with the market. BIDU (+3.7%, 69.90) and NFLX (+1.93%, 117.66) are doing nicely, too, but most of the top gainers on my list are two- and three-letter issues — non-NASDAQ plays.

The leader, of course, is BP, now up 12.2% to 32.74 following yesterday's 15% plunge. I don't plan on trading BP ever, but it finally hit rock bottom, no pun intended, and was due for a major bounce.