A potentially telling data point from today's Journal:

But some investors don't expect the gains to continue. Barry James, president of James Investment Research in Alpha, Ohio, worries about the recent wave of selling by corporate insiders. Regulatory filings show executives have recently unloaded about $115 in stock in their own companies for each $1 in purchases, a pace unequaled since the market high in October 2007.

"Those folks tend to be right in terms of getting out of harm's way," said Mr. James, referring to the conventional wisdom that it's a bearish signal for all investors when the insiders who know a company best decide to sell. "It's not a good sign to see this happening."

If nothing else, the executives certainly seemed to know when the market had hit bottom.