The markets have now made five successive days of gains with the small cap stocks outperforming their larger cap brethren with technology stocks lagging the field.  In fact, the Russell 2000 has gained an impressive 24.3% from its low of last Friday. Volume was above average on the first two days of trading this week but understandably fell off on Wednesday and Friday due to the Thanksgiving holiday.

Is this another bear market rally? Quite possibly because clearly there is further bad news in store for the economy. Nevertheless, the announcement of the Obama economic team was generally well received and confidence has started to return. Improving confidence will reduce volatility so the huge daily swings we have seen may be mitigated now. The actions this week to improve the flow of credit have had a dramatic effect on long term interest rates with 30 year mortgage rates dropping 75 basis points, so we must hope this is a sign that credit is starting to ease. We think that from this point the opportunity for upside gain exceeds the risk of  downside losses and have started to put some money to work in 'value' stocks as these generally are the first to profit from a rebounding market.

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