MDC - Java Chart - WSJ.comIt was March 6, 2009 when Standard and Poor's Index entered the last circle of hell with a performance level of 666. THere's a lot of exhuberance today as the index closes at 907.24 on a day when the broad market, reflected in the Dow Jones Industrials, climbed more than 200 points. Everyone seems to be breathing more freely today as the bulls seem to be running but hello! What about those toxic assets? Did they magically disappear?
Last I heard they were still being held on the bank books growing multiple heads. Meanwhile, enjoy the enthusiasm--and a near 300 point rise of an oversold, panicked market. I don't expect a return to the 1400 plus levels but can't really muster real enthusiasm until the S@P hits 1200.
Click the tag line if you want to see the S@P yourself.