How does that project the markets to year end? Any speculation?
It's all speculation. That's the point. Market fundamentals mean nothing. The next phase will be another round of "quantitative easing" by the Fed, meaning a direct injection of liquidity (artificially-created credit) into the markets.
The likely result will be a continuing boom in equities (and in commodity prices) regardless of underlying fundamentals; long-term unemployment will increase and consumer demand will languish, until... the game will be up.
My guess: government stimulus will no longer have any effect as credit gets sopped up by the banks and held in reserve against mounting default risks. Our declining currency will force a decoupling of the dollar from international trade. We are becoming Japan - only worse; our savings rate is lower and our debt is astronomically higher. The market will begin a slow decline into an abyss from which recovery will take a generation.