Now, the only question - is this the real "pension buying" deal... or someone trying to fake out the algos into buying and trapped shorts into covering. The one problem with today's buying fury: a burst of record buy orders only managed to push the Dow Jones 200 points higher, far less than yesterday's 800+ point frenzy, which means that there are far more sellers into this ramp than yesterday.

And another problem: a hint that today's move is merely a fake out is that unlike yesterday's true reallocation out of Treasurys and into stocks, today's the 10Y has barely budged during the stock surge.

"Will they, or won't they" - that's the question on every trader's mind.

In the last two days, massive buy orders driven by pension reallocation trades sent stocks soaring (something even Bloomberg now admits was the catalyst for the surge) in late day trading, and with less than 2 hours left to go in today's session, all traders wanted to know is whether pensions funds would make it a three-peat.