Nice rally, but still am not impressed.  Its still too premature to call anything as for me, this rally still seems like banks/hedge funds and large institutions covering their shorts and leaving suckers called individual investors still going on the long side.  After Trichet's comment earlier this morning, a European Recession may be due now (and with it and the US' woes a Global Recession may be forthcoming)...No wonder the USD rallied like no tomorrow.

BTW, here's something that tells that the worst is not yet over...Banks and IBs across the pond (in a place called London) are feeling the wrath too.

From Bloomberg earlier this afternoon:

Bloomberg – Rumours of a serious blow-up within a London quantitative/arbitrage hedge fund are abound in London today.  According to sources close to the fund – which we cannot name for legal reasons – are reported to have said that the fund has lost ‘almost all’ of its capital amidst speculation of fraud or rogue trading.  The fund - a medium sized quantitative specialist based