Short term, the outlook for US equity is good:

• the yield curve is strongly positive (341 basis points from 3 mo. - 10 yrs.)
• some new workers are finding jobs
• the VIX is trending down 
• the put/call ratio is over 1.00 (1.20)
• odd-lot shorts are increasing

Longer term, however, the same fundamental problems remain: governments of developed countries have too much debt. European banks are less willing to lend as evidenced by the increase in the three-month Libor-OIS spread.