Wall Street put on another solid day to give the bulls a lot of heart and put the frighteners on the bears and short sellers. A better than expected market reaction to a seven-year Treasury bond issue and some better than expected corporate earnings kept it all positive.

This latest rise has put the Nasdaq in positive territory for the year, up 0.6%. The Dow is down 9.7% while the S&P 500 is off 7.8%.

A big plus is the fact that US mortgage rates are actually falling and this will help the economic recovery. They are now at a record low of 4.85%.

The Yanks could soon introduce the old uptick rule which limits the assault tactics of short-sellers.

Peter