Going into earnings I was little pessimistic. The last 3 months much of the economy has slowed, hiring has slowed and jobless claims were not dropping like in January and February. So far earnings have been a little surprising. JP Morgan and Wells Fargo last week did exceptional for banks, and now some of the tech firms like Intel and IBM (announced after the bell) look to bring a pretty decent profit.
So as these corporate results are beating estimates the market is rising and it seem that right now earnings are helping this market rally. The absence of anything from Europe has been helpful to continue to fuel the market rally, but you never know when Europe will erupt. That is the uncertianty. Europe is always the wild card.