So what has stocks soaring now, during this great deleveraging — this credit crunch — this historic pullback in household balance sheets?

It’s always a pleasant surprise to find yourself in good company. As loyal readers already know, here at Notes HQ we’re not exactly part of the “in crowd.” Whether we’re writing about the trillion dollar deficits, banks’ phony earnings, government bamboozles or the sucker’s rally in stocks, you’re unlikely to find the official spin in our daily missives.

Washington’s latest bailout scheme will rob you blind for years to come.  I object! Sometimes the stuff we talk about here is pretty academic. This country is up… that sector is down. Sometimes it’s all about a specific stock idea that you might care to invest in.

Risk Assets soar! …  What’s behind this stock rally? … Charts and fundamentals…  Aussie Consumer Confidence Drops…  And Now… Today’s Pfennig!

Risk Assets soar!  German Investor Confidence surprises!  High yielders kicking tail…  Who’s afraid of the SNB? And Now… Today’s Pfennig!

Industrial Production declines…  Stocks sell off, leading currencies down…  Indian election spurs a rally…  China stockpiles commodities… And Now… Today’s Pfennig!

In last week’s article, I pointed out three levels of resistance that I thought would keep the S&P in check over the next few months.  I have to admit that so far, that prediction is looking good, but one week does not make a trend.

Buenos Aires, Argentina Is the rally still on? We’re not sure. Wednesday, the Dow fell 83 points…after a weak bounce on Tuesday. We expected the rally to last until June and to take the Dow back to the 10,000 range. But anything could happen.

The Financial Select Sector SPDR (NYSE: XLF) has rallied over 40% from its low on March 6 through to last Thursday’s higher opening. The price action last week has triggered a half-day buy signal, which means that it should make at least a three-wave move to the upside.

Citi sets a record… how it could signal a market bottom by June…Dan Amoss on a “rescue” program that might work as advertised — and even touch off a stock rally… Buffett dispenses more pearls of wisdom… highlights of his annual letter to shareholders… Byron King on the energy crisis the government must solve… soon… U.S. still doesn’t have it that bad… the new Iron Curtain forming in the EU