Here's why the stock market melted up

A trader works on the floor of the New York Stock Exchange.
Jin Lee | Bloomberg | Getty Images

Stocks rally big. Why the melt-up? Some of this may be hedge fund desperation.

It's odd, because on the surface there is really no reason for the Dow Transports to be up 3.1 percent, or the NASDAQ to be up 2.4 percent, or the to be up 1.9 percent.

Oh, I know the story, I've been saying it for the last two days: 1) Fed is perceived to remain dovish, along with the ECB, which will start to get creative with expanding its balance sheet, 2) oil has stabilized and 3) Ebola fears have eased.

Does this mean the coast is clear? Of course not.