The surge in stocks as yields went below 5%, would be the executive summary.
Nifty, considering crude hit a $72 handle today and the dollar is back to recent lows.
The real point of today is that as long as we remain in the S&P 1490 to 1540 range... triple digits up, triple digits down doesn't mean much until we either break to the upside of the downside. Monday's rise, imho, is just on going trading range noise.
ABX, subprime and Bear Stearns didn't just disappear. That all still needs to be reckoned with.