Is this a bull market or a bear market rally? Commentators like Clem Chambers at Forbes say the market rally seems to have all the hallmarks of a bull market.

"Another good augur for a bull market is that no one is calling this,'' Chambers writes. "You really know the end is nigh when everyone is calling out that the good times will go on forever. This is clearly not the case, and many are still finding it hard to even acknowledge one of the biggest rallies of all time has just taken place. However I do also notice the reappearance of the casual investor, but this can be the sign of a sort of halfway mark in a rally, rather than the death knell rung by taxi drivers talking day trading to me on my way somewhere. There is also a lot of value still in the market, and if one has a quick peek at, say, the top 200 stock charts of the last five years, it is clear that even after such a big rally there is still excellent value in the market."

But how is that the case when unemployment is soaring, businesses are going bankrupt and consumer confidence is on the floor? Former Secretary of Labor Robert Reich explains why in his blog.

The government has pushed its way into the market, buying up Fannie and Freddie's paper. With the US Government planning to expand health coverage for millions of Americans, it's good news for the profits of Big Pharma and insurance companies. Similarly, the cash-for-clunkers program has been subsidizing new car sales which is great for the auto sector and financial stocks are doing well with the Fed keeping interest rates near zero.

But as Reich implies, it's all a mirage.

"The problem is, our newly expanded government isn't doing much for average working Americans who continue to lose their jobs and whose belts continue to tighten, and who are getting almost nothing out of the rising Dow because they own few if any shares of stock. Despite the happy Dow and notwithstanding the upbeat corporate earnings, most corporations are still shedding workers and slashing payrolls. And the big banks still aren't lending to Main Street."

Maybe the so-called bull market will continue for some time, thanks to the US Government. But bringing the economy back to life is still some way off.