In the meanwhile, this is what Bloomberg had to say (pretty interesting stuff actually) about the market run-up:
Bullish Estimates Fail to Keep Up With S&P 500 Gain
Sept. 23 (Bloomberg) -- Strategists at Wall Street’s biggest securities firms can’t keep up with the Standard & Poor’s 500 Index after the steepest surge since the 1930s.
The benchmark gauge for U.S. equities climbed 0.7 percent yesterday to 1,071.66, leaving it above all but one of the 10 projections by forecasters in a Bloomberg survey this month, the first time that’s happened in data going back to 1999. The average forecast for the S&P 500 from the strategists is 1,022, about 5 percent below the index’s current level.
While the strategists raised estimates by an average of 5.8 percent from March this year, they’re divided on whether the U.S. economy will be strong enough to justify further revisions. The last time the S&P 500 rose above the consensus was in 2006, when Wall Street responded by increasing projections, helping spur an 11 percent advance that ended when the index hit a record high in October 2007.
“There’s a little bit of a wall of worry right now, but the market just feels like it wants to go up,” said Michael Mullaney, a Boston-based fund manager at Fiduciary Trust Co., which oversees $9 billion. “There’s going to be a very strong near-term economic rebound greater than expectations. I think we’ll end the year higher.”
Bulls say the 58 percent advance since March 9 can continue because the U.S. economy will emerge from the worst recession since the 1930s and grow 2.9 percent in the third quarter, according to the median of 61 economists in a Bloomberg survey. S&P 500 futures rose 0.2 percent at 8:51 a.m. today in London.