Today markets are bouncing with another surge of hope. As I have noted before, bear markets are typically populated with many days and even weeks of strong up rallies. But here is the thing. If world stock markets have put in their bottom already this cycle, then it will be a very resilient, shallow, even miraculous bottom. It will be one of the shallowest declines, stopping at the richest valuation levels ever in history. And it will achieve this remarkable feat amidst the on-going terrors of the worst credit and housing recession since the great depression. I would like to believe in this miraculous outcome, but I confess that I have a difficult time accepting that we have seen this bottom yet.

Here are a few relevant articles that I think we should consider before jumping blindly on to the bull bandwagon:   more »