Tues 09.27.11

Equities are on a tear right now, with the Dow and S&P up 2.2%. I think Kevin states it perfectly in his last sentence when he notes that if Europe can clean its act, then investors will begin to take more risk and get back into equities. The one area of caution I will note though is that last week's fall was primarily heavy volume all on the downside from institutional investors. Although yesterday's rally was broad-based, it was on much lower volume and the NYSE Up/Down Volume was only 69%, which compared to a greater than 90% on Wed and Thursday of last week. Still, I'll take a nice bounce back rally after last week's brutal market.