I highly doubt the sustainability of three day rally, it was driven by low to medium volume and it doesn’t look like a rally based on significantly improved fundamentals. I think we will not go much higher from here in the short term and I wouldn’t be surprised to see a 2-3% pullback from here by tomorrow (no new lows however, we have reached the bottom), despite the 7.9% growth in China , exceeding the median forecast from the bloomberg survey of 7.8. Only a week ago the sentiment was all bearish due to high unemployment numbers, now with some good earnings partly due to cost cutting we are all out of the woods again? We still have record foreclosure filings, and a jobless recovery is not a recovery that we want.

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