All this, following comments yesterday from St. Louis Federal Reserve Bank President James Bullard that the Fed should consider delaying the end of its bond purchase program to halt the decline in inflation expectations.
Read MoreBullard: Fed may want to keep up bond buying for now
Sure sounds like coordinated central bank action, doesn't it?
Regardless, the fact that we were able to reverse massive losses two days in a row is very constructive.
Earnings are a big relief this morning: General Electric and Honeywell are good enough.
Finally, the big industrials are reporting. Both produced a small beat on earnings.
This is not a time to microscopically diagnose the returns. GE kept its guidance, but most importantly orders were pretty good, up roughly 22 percent year over year versus 4 percent in the second quarter.
Honeywell raised the low end of its 2014 earnings and revenue guidance.
The fact that these companies aren't missing or guiding lower, given where expectations have come, is a great relief.
GE is down 5 percent, Honeywell down 7 percent this month.
Read MoreGE earnings beats estimates, helped by aviation, oil and gas
You can see this spill over into Google was well. The company is spinning the quarter positive, though on the surface, Google was a disappointment. Revenues and earnings were below expectations, and advertising was lighter than expected.
But the spin this morning seems all positive. Paid clicks were up, though not as much as expected. Cost per click—or CPC—a widely used metric for Google, declined but not as much as expected. Smartphone and YouTube revenues are continuing to ramp up.