US In Bear Market Rally Mode?

From CNBC Trader Talk:

• Traders were slobbering all day about an imminent asset allocation program (out of cash, into stocks), part of the collective wish for that most elusive of 2008 creatures...a Bear Market Rally. And we did indeed end on the highs for the day.
  
  Traders are insisting we are primed for a nice move of, oh, 20 percent or so from the bottom. Never mind the reasons (I detailed a few in my last note).
  
  Uh, sorry guys, you missed it. The S&P 500 has rallied 20 percent since the bottom on Friday. The last time we were up four days in a row...was April.
  
  Is that it? I'm not sure. Is this the bottom? Please. What we know for sure is that bottoms have been confidently declared this year in January, March, July, September, October, and now November. See a pattern?

Source: http://www.cnbc.com/id/27930763

See also: Why Bear-Market Rallies Are Different These Days