The Dow has gained nearly 5k points after dipping near 18k in mid March. Has the fundamental picture improved enough to justify this large of a bounce? I would say overall definitely no and this rally is likely to fizzle out sooner rather than later. Sure the stimulus money & the fed have done there part to help a struggling economy. But we must remember the markets generally look out a few months and doesn't always trade based on how we see things today. For this reason many market participants feel the market should rally since things will surely be better in the future than they are now. I'm not arguing that that won't be the case, but I feel that has already been priced into this market rally. I would be very surprised if the market doesn't take a dip lower after running shorts stops around 24k.
Let's not forget that bear markets do have rallies and some of them can go on for weeks and months. So a move higher here is not surprising, but the v shaped snap back seems unrealistic at this point. I would prefer to see the market pull back some here and regain it's footing in a less volatile manner. Only then will I become bullish again and be willing to take the plunge back into US stocks.