Right now, it appears so. The economy is still fairly weak, but as usual the market is forward looking. Strong news this morning from Wells Fargo, saying profits will be much higher than expected. Although this crisis has weakened many financial institutions, some will come out stronger, and Wells Fargo appears to be one of those. They were able to buy Wachovia at depressed levels and this will likely turn out well for them. Banks with adequate capital are likely finding ways to make money.
I'm still not a buyer of financial stocks myself. Many are so diluted at this point, and their is still a lot of risk in these names. I continue to like the strength in tech. I think oil stocks will rebound as well.
Interesting action out of Mosaic yesterday. I posted early in the morning about earnings and what it meant. The stock climbed all day and finished quite higher. Once the market turns the corner, all news becomes good news. We appear to be getting there. Mosaic also appears to have a floor under it due to the constant rumor of Cargill buying the rest of the company (they already own a large percentage), and investors like this kind of insurance in a stock.
Looks like a great day! Its always a great day when the Masters is on!