Big Rally? Not Until Investors Are Scared Witless and Stop Speculating

Somebody's Been Sleeping in My Bed

Following a refreshingly upbeat tone in the weekend financial press, the Dow Jones Industrial Average rose 0.9% today, while the S&P 500 gained 0.6% and the Nasdaq Composite climbed 1.2%. Inclement weather, or really the threat of it, subdued trading, but the session boosted hopes that a sustainable rally is unfolding.

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And the Winner Is...

Particularly uplifting to optimists was that separate warnings from LSI Logic (LSI Quote), Vitesse Semiconductor (VTSS Quote) and Cypress Semiconductor (CY Quote) failed to deter buying in general, or of chipmakers in particular. The Philadelphia Stock Exchange Semiconductor Index rose 5.2%, and each of the three offenders closed higher. ...