The bulls are back in town, or is it the bears? Does it even matter?

On Monday, the Dow Industrials was up 235.44 points, or 2.85 percent, the Nasdaq was up 3.11 percent and the S&P 500 was up 3.04 percent. [While Tuesday stocks ended mixed, they are again recording significant gains Wednesday.] Following any such rally we tend to always ask -- is this a new bull or a sucker's rally?

The bear case is quite evident: between the recession, financial crisis and depressed housing and labor markets, the fundamentals don't look to be supporting the rally. Moreover, even with the so called green shoots that are starting to emerge, most believe the recovery will be long and painful, rather than a sudden growth spurt as the stock market rally suggests.