I’m not sure whether to be amazed or hugely skeptical. Actually, I am sure that a healthy dose of skepticism is in order. About what, you ask? The S&P 500 just completed its biggest ten-day run-up since 1938, after gaining over 7% today.

What does it mean? Some pretty smart people are suggesting that a new bull market has begun. Right now I think it means that we’ve had a couple of very good weeks in the market, and there have been obvious catalysts that have injected some optimism into the financial world. It is now hard to imagine credit markets not loosening, but there remains a ton of uncertainty out there, and I’m not a “true believer” in the bull market theory yet.

I remain an optimist about the long-term prospects for our country, however.