From the tidal wave of e-mails and comments I have received from numerous different sources I am under the impression that most investors view the recent rally in the world’s stock markets as a bear market rally. I suppose we would need to define a bear market rally as a rally that fails to make a new all-time high (for the S&P 500, above the 1576 reached in October 2007) and is also followed by a new low for this cycle (below 666 for the S&P 500 reached in early March 2009).

Stephanie Grimmett in Today’s Financial News says it could be time to get into the paper market. A new accord for containerboard prices could mean earnings triple at Smurfit-Stone Container Corp. (NASDAQ:SSCC). This stock has already spiked 23% in one day. Stephanie says buying SSCC at below $6 could mean 30% gains over the next six months.

This is the third installment of a new Money Morning series highlighting investment opportunities created by the global bull market in commodities. There’s a classic squeeze going on in the timber markets right now.