It’s a strong session, but it feels like that old proverb about the first step in a long journey.  This market was so oversold, but it is session like this that make it easier to endure inevitable volatility and uncertainty.

The S&P 500 is bouncing off a perfect double bottom on convincing volume. Apparently, there is less saber rattling, as Ukraine is talking more concessions, and Russia claims it does not want to rule its neighbor.  I think Putin needs an exit strategy, but if talks get bogged down, the world is left with an embarrassed “strong” man.

Second Worst Start

We got a nice bounce out the gate today. But it’s been a devastating start to the year, only surpassed by 2009, when the global financial crisis and market meltdown were in terminal velocity.  History has seen the market recover from ugly starts, but it also can be brutal for the rest of the year.

With this in mind, I want everyone to be positive, as I think lowered earnings estimates and excessive pessimism are the perfect backdrop to a strong second half of the year.