Where are we now? It’s a question we’ve been grappling with here at Notes since the bizarre events of March 9, when equities took off on a wild run. They haven’t stopped since.

Verizon Lays Off 8,000 as Profit Sinks 21%; Bulls Run in Monday Markets; SEC Seeks to Limit “Naked Shorting;” New Single-Family Home Sales Rise in June; Oil Rises 1.4%; Deutsche Bank: Windows 7 Could Trigger New Enterprise Tech Investments; Video Game Industry Takes Hit From Recession

Naturally, most investors are hoping that the current stock market rally will hold and we’ll embark on another bull run. But what if it doesn’t?

If only China had someone like St. Patrick.  As I scanned the post-Paddy’s Day headlines, it occurred to me that China needs its own saint to drive some snakes out of its economy. 

Last week, a few investors started to dip their stubbed toes back into the market. There’s no question we might still see a few more large drops to the downside, but those who are waiting for the “very last correction” will likely miss a significant portion of the next bull-run.

The Congressional Budget Office’s announcement Wednesday that 2009’s budget deficit was going to be $1.19 trillion – before a nickel of President-elect Barack Obama’s stimulus plan has been included – raises a crucial question for the U.S. economy: Is there too much stimulus, and what effect would too much stimulus have?

Many people are in sticker shock thanks to high gas prices and oil that punched through the $135-a-barrel level recently, before sliding back.

When the Federal Reserve hinted at the possibility of higher interest rates in the near future, gold dropped $50. But will higher interest rates in the future signal an end to the bull-run for gold?

There’s no denying that US stocks have been rising of late, but is this pick up a genuine bull run or just another bear market rally?

Bloomberg reports that the S&P 500 has climbed 9.8% since reaching a 19-month low on March 10. And some Wall Street analysts, like Lehman Brothers Ian Scott, are predicting that better-than-expected earnings will pave the way for a bigger rally.

Eric Roseman thinks Ian and his Wall Street pals have it dead wrong.

When I was growing up, it never mattered how bad my day went or which concert I might have missed, because there would always be rice, beans, and meat on the table every night.