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Results from the big international banks HSBC (HBC) and Barclays (BCS) - Get Barclays Plc Report (the latter of which is extremely well run by the other Mr. Diamond) has touched off a melt-up in U.S. stocks. It appears that the round numbers that have stopped the market in recent sessions are only psychological resistance, rather than true technical hurdles.

I am concerned that we are blowing off on the upside, but every time I get the urge to hedge, or to sell out altogether and move to the sidelines, the market makes another move up. This is what markets do ... they confound the greatest number of people possible, at any given time.

The hardest thing to do right now is to stay long, but staying the course seems to be the right thing to do.

Chinese demand continues to be strong for raw materials, and their manufacturing sector continues to expand. While I am worried about a mini bubble in Chinese (and other) emerging markets, fighting the tape has been a suicide mission there as well.

Oil prices are breaking out along with other raw materials prices, like copper.

When taken in concert with rising equity markets, steep yield curves and renewed liquidity, these are signs that send an almost unequivocal message that a worldwide recovery is under way.

It actually helps that people remain skeptical, since that too is a sign -- the crowd is always wrong at inflection points, and we are indeed at an inflection point.

The ISM numbers this morning will be important, but the unemployment report on Friday will be key, both to market and consumer confidence. If it surprises on the upside, then the country's mindset will shift from recession to recovery. At that point, it could be "look out above!"

As cautious as I am about the massive gains we've seen since the March 9 lows, I have to respect the fact that there is $3 trillion in money market funds; the monetary base is now a whopping $14 trillion! Plenty of cash is sitting on the sidelines, and that can fuel further gains. Since this has been largely a professional affair thus far, the public could stampede in and cause this bull's rumble down Wall Street to head toward Main Street.

I'll continue to ride the bull if that happens, but I'll be ready to jump off at the first sign that there are too many people crowding on the beast's back with me.

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At the time of publication, Insana had no positions int he stocks mentioned.

Ron Insana has returned to

CNBC

as a senior contributor to the nation's premier business news network. Prior to his return, Insana was a managing director at SAC Capital Advisers, a $12 billion hedge fund run by Steven A. Cohen. Insana was the president and CEO of Insana Capital Partners, a $120 million fund of funds manager, from March 2006 through August 2008. For over two decades, Insana has been a familiar face on business television, spending 17 years as a veteran anchor at

CNBC

. Before working at

CNBC

, he worked as managing editor and senior anchor for the

Financial News Network

, where he began his career in 1984 as a production assistant. He graduated with honors from California State University at Northridge.