Let's call this what it is: A new bull market in stocks has emerged from the ashes of the financial meltdown and the deep recession that followed.
And it's signaling the onset of economic recovery. Free-market capitalism is more durable, resilient and self-correcting than its detractors would have us believe.
This is not just a summer rally — although a 12% market rise since July 10 is absolutely splendid. There's a lot more going on here.
Over the last five months, since March 9, the broad-based S&P 500 is up 46%. If I'm not mistaken, a 20% rally that is not quickly reversed constitutes a bull market. We are more than double that, and there will be no total reversal.
Consequently, I want to change the agenda. This is much grander than what most commentators are describing. This is a new bull.
With positive, beat-the-street earnings coming from all corners of the economy, the current rally is based on solid fundamentals...Rest of Story
Friday, July 31, 2009
CNBC's Lawrence Kudlow: The Bull Market is Underway!!
From Investors Business Daily: