A little unorthodox, but -- we'll take it! The stock market has been working on a quiet base the past two days, shaking off one bombshell after another from the financial sector. I would have been happier with a sharp bounce, but maybe this "stealth" rally can pick up steam in the last six trading days of the year.

Market bottoms are never easy on the nerves. Most leave behind a case of whiplash, the August and November lows this year being classic examples. The bearish crowd works itself into a frenzy; then some news item comes along (like a Federal Reserve rate cut) to shock the market's psychology into reverse.

As I say, that's the typical progression. But not all bottoms include a violent reversal. Particularly when the market has been trying to carve out a bottom for several months (as it has been doing this time), the final low is sometimes rather quiet -- though just as agonizing, because of all the time that has elapsed. If you're a chart hound, go back to October 2004 and see what I mean.

To me, the most remarkable feature of the current market is that stocks with good earnings can still rally smartly, despite the continuing sick-unto-death behavior of the financials.