Market doesn't rally without a reason

revolver

Seems something in Europe has dramatically turned around after ECB meeting. Mr. Weidmann steps back?

revolver

Another possibility is that ECB bought new bonds in the open market via its covered bond purchasing program. ECB is entitled to buy up to 40B euro until October 2012 and as of 2 Aug 2012 the outstanding amount was 14.5B, so one just needs to watch ECB's next update of its website to monitor any change.