Rick Ackerman | Jun 21, 2013 04:10AM ET
Refreshing. Exhilarating, even! But will it last? Our gut feeling is that this is not The Big One – that investors will soon be throwing money at stocks again with the same reckless abandon they’ve shown since 2009. But it never hurts to dream. Imagine what a whole month of days like yesterday would do to clear the fetid, toxic air from Wall Street. The effect would be positively cathartic if the capitulation phase were to lop, say, 2000 points from the Dow in just a few days. From that point forward, even the most churlish permabears would recognize that the stock market was in recovery mode, too devastated to attract the quasi-criminal element that has dominated the markets in recent years. High frequency trading circuitry would be fried, yields on dividend stocks would fatten and interest rates could seek their own level. Who knows? Perhaps even the $3 trillion-plus in dubious assets carried by the Fed would come available at market prices?
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