In case I didn’t make it clear enough in yesterday’s commentary, let me state for the record that I don’t share my colleagues’ optimism about a sustained rally from these levels. My friend Tom Tankka cited parallels to the 1930s that imply a powerful bear rally is overdue, but I think economic prospects are more grim right now, and expectations of a recovery far more delusional, than they were following the Great Crash. We had a sound money system then, Americans were not nearly so deeply in hock, and fully 30% of the labor force was engaged in agriculture, literally living off the land. This time around, to make just one telling comparison, 15% of New York City’s top earners were living off a financial economy that no longer exists. From a technical standpoint, what you should notice about last week’s 1400-point rally is that it didn’t surpass even a single prior peak of daily-chart degree. This is not the way powerful bear rallies begin, and although the 7449 low may endure for a while, the Indoos are telling us that they lack the guts to put on a convincing show.