Are We Climbing a Wall of Worry or Descending a Slope of Hope?

 

    That zany stock market has done it again, with three straight days of rises in a row! At 8,712, the Dow is up about 9% above its low of 8,000, and at 905, the S&P 500 has clambered up more than 13% above 800! Those are significant fractions of the recoveries that we might expect to see in 2004. As usual, opinions are pretty well split between whether the stock market has turned up from its bottom, or whether this is another bear trap in an ongoing bear market. And this underscores how difficult it is to time the market. Typically, by the time it becomes apparent that we're in a bull market, the bull market will already be halfway as high as it's going to go. And typically, by the time we're sure it's entering a bear market, the stock market will already be halfway to its bottom. ("The stock market climbs a wall of worry, and slips down a slope of hope.")
    Here are a few of tonight's articles 

Dow industrials soar more than 250 points in third straight triple-digit win
Reports show inflation under control; Fed expected to leave interest rates unchanged
Dow Ends Up 256, Nasdaq Gains 36
Holding Out for the Tech Recovery