Are we witnessing a fundamental or speculative rally in the S&P 500?

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Merrill Lynch MITTS S&P 500 Index due 8/05/2010 (AMEX: SPX) Delayed: 0.02 --0 (-0%)
Previous Close $0.02    52 Week High $1.93 
Open $0.02    52 Week Low $1.93 
Day High $0.02    P/E N/A 
Day Low $0.02    EPS $0.00 
Volume      

S&P DEP RECEIPTS (NYSE: SPY) Delayed: 734.56 -9.83 (1.32%)
Previous Close $744.39    52 Week High $219.60 
Open $733.81    52 Week Low $181.02 
Day High $739.63    P/E N/A 
Day Low $732.30    EPS $0.00 
Volume 17,042,417