I think that today will prove a very important day for the stock market. The rally of the past two days has been a welcome relief to some investors and the chatter has increased that we may have "bottomed out" The recent rally was aided by a slew of better than expected earnings and a declining oil price. However, as of this writing, futures are looking lower owing to after the close yesterday disappointing results by Google, among other companies that fell short. Oil is rebounding this morning. If the market gives back lots of the past two days that will not be a good signal for those who thought the worst was over. On the other hand, if the market can end the day on a confident note, despite bad news, this may be the start of something big.