Yesterday's bounce was driven by news that Greece had reached a deal on austerity measures. That doesn't seem very surprising, but the market suddenly leapt higher on the news. Today will probably be a very volatile day, though, as the Russell indices are rebalanced. This always produces a big jump in volume and some crazy action in the stocks that are being added and dropped. On top of that we expect important economic news today courtesy of Durable Goods Orders (1% consensus) and GDP (1.9% consensus).
This market has no memory from day to day.