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The US Stock Market as defined by the Dow Industrials and S&P 500 achieved record closes Thursday afternoon. European stocks markets are at 5 year highs, and emerging markets such as Shanghai and Bombay have rebounded 10% from the summer's lows
Read MoreLast month, we wondered whether the solid recovery from the March lows was the calm after the storm, or the eye of the hurricane.
Read MoreThe news of the month was an "emergency" cut of 0.75% in the Fed Funds rate on January 22nd, followed by an additional 0.50% cut on January 30th, for a total of 1.25% in a week. This is the largest reduction in the Fed Funds rate ever.
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