why has market picked up in last 2 hours?, page-7

Shorters covering.

City Index chief market analyst Peter Esho said: "The market gets to a point where it's hard to dismiss value." He add NAB's result, the Chinese inflation data and a speech from US Fed chairman Ben Bernanke tonight had boosted confidence.

Investors also seized on comments by the Reserve Bank of Australia that there were no signs of strains in key money markets, which banks rely on for short-term funding.

http://www.theaustralian.com.au/business/markets/australian-sharemarket-in-amazing-rally-into-positive-territory/story-e6frg916-1226111765197