The bulls are back in town. Nothing like an earnings beat to shake off the pessimism. At least for the moment. Alcoa earnings beat shows that the world may finally be entering into a sustainable recovery. It should be noted that the volume is light today, so the rally lacks real conviction. More is needed to show that the market really wants to push higher.

Across the pond, investor sentiment was lifted when it was reported that the ECB could resume its bond purchasing program. Yields on Spanish and Italian debt declined helping to boot the overall market.

The Dow is current up 93 points, the Nasdaq 31 and the S&P 12. [Read more...]