Nikkei Opens Higher On Thursday

There is a rally in progress. Everyone knows at this point though that the footing is still shaky no matter what the Fed says. Initial quarterly reports have been fair but there are many more reports to come.

"You have record low levels of stock ownership and so on these kinds of days you see people pile in."

...while the start to the financial reporting period was positive, it is too early to do a victory lap regarding second-quarter results. source

Reuters: Nikkei gains 1.4 pct on yen, U.S. earnings optimism