The down trend is broken. Assuming a taper, bond yields are set to rise. In the short term, few months, stocks [assuming rising rates] will readjust lower.

After things settle a little, again assuming QE is tapering lower, the economy and earnings will drive, or not, stocks. I don’t see earnings or the economy picking up anywhere close to enough to drive stocks higher when portions of the market have relied on Fed largesse for their earnings.