Impressive Rally

Not a bad way to start the second quarter.  Stocks soared yesterday on the belief that the worst in the credit markets is over and optimism spread through Wall.  Today, even the chronically depressed New York Times features a front-page article on the new optimism on Wall Street. It appears that the raising of capital by two prominent investment banks heartened the spirits of investors and led stock prices sharply higher.  As I have mentioned previously there is lots of institutional cash on the sidelines, which came into play yesterday as indicated by the big volume.  I’m not sure this rally has legs, but yesterday was impressive and some positive follow-through today would be very comforting. 

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