Does today’s rally impress you?

Do the supposed reasons for today’s rally impress you?

I look at the headlines today and am more than disappointed. A bailout rescue from Buffett for municipal bond insurance. A bailout rescue from Treasury to freeze foreclosures on defaulting home mortages. GM’s record loss of $38.7 billion. GM offering to buy out more union workers. The Fed “successfully” did another TAF for $30 billion yesterday to pump liquidity to struggling banks.

If this is the kind of thing investors get excited about we are in real trouble. As for me, I am unimpressed. I’d much rather see marginal up days on minimal news. I don’t get to pick the reasons stocks go up or down, but I do get to evaluate whether they are sustainable or just temporary spin and hype. I was hoping for a continuation of yesterday’s positive action and instead, I got more bailouts. There’s an old theory about markets heading higher despite bad news. The way all today’s headlines have been presented - this is good news. So if we are now heading higher on good news I guess I missed the days and days of bad news that pushed us higher.