The markets are having a solid snap back rally. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $137.08, +1.24 (+0.91%). A bounce like today is largely expected by intelligent investors as the buy the dip mentality is still alive and well. In addition, European markets did close higher on the day, thus giving the U.S. markets a sigh of relief. The earnings report from Alcoa Inc.

The markets are slowly selling off today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $141.15, -0.64 (-0.45%). This is coming on the heels of a solid rally yesterday, to start the week. The previous Monday also saw a rally as Ben Bernanke gave major hope for QE3.

The market has had one of its biggest non stop rallies in history. This quarter is the best first quarter of any year since 1998. The reasons for the markets success rely purely on the performance of two key stocks, Apple Inc. (NASDAQ:AAPL) and JPMorgan Chase & Co. (NYSE:JPM). Even yesterday, the markets trimmed their losses as both stocks turned early negatives into positive gains.

The markets are trading lower today after worries on the Chinese economy surfaced once again. A Chinese slowdown has been long talked about but has had little effect on the massive rally in U.S. equities. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $140.00, -0.88 (-0.62%).