A Win for the Optimists

The Dow and S&P 500 were solidly higher at midday while the Nasdaq Composite was in the green as well, having recouped morning losses suffered in the wake of McData's(MCDT Quote) warning, the resignation of Amazon.com's(AMZN Quote) CFO and J.P. Morgan's cutting forecasts on EMC (EMC Quote).

The morning session was the kind of action that no doubt brought cheer to the optimists, and few gurus have been as optimistic lately as Don Hays, of Hays Advisory Group. Hays has maintained a 100% recommended equity allocation for aggressive portfolios since Sept. 25.

Save for some "pruning" of positions in late December, Hays has reiterated the bullish view repeatedly since Sept. 25, and has been eyeing upside targets of 11,200 for the Dow, 1290 for the S&P and 2250 for the Comp, as reported here on Jan. 28. ...