Are we getting too euphoric on the recovery?

Since the dark days of early March, the stock market had rallied 30% according to the Dow Jones Industrial Average last week. It had absorbed all of the bleak news of the first quarter including the sharpest year over year decline in S & P 500 corporate earnings in the current recessionary cycle. As we entered the current month of May the "green shoots" of an economic recovery appeared with the release of April economic data. An improvement in manufacturing orders, unemployment and leading retailers' sales have coincided with another passing test for the banks aided and abetted by a watered down government stress test report. This has resulted ... Log in to view full article.