Should we feel better that oil is back up to almost $50 per barrel? It could be a sign that economic activity has bottomed. It could also be based on fears of supply disruptions due to what is going on in Gaza and the Ukraine.
Bloomberg reported yesterday that legendary strategist Byron Wein called for a 33% S&P 500 gain in 2009. If this rally lasts a couple of days longer, look for analysts to make some bottom-calling upgrades of favorite names.
Nothing makes stocks go higher than stocks going higher.