And as we all know, once a stockmarket starts moving in a particular direction it can rise or fall a lot further than anyone thought possible. Accordingly, global markets look set for further rises. The good times have also spread to the residential property market, where lower interest rates and the first-home buyer’s grant are starting to kick prices higher across the board, including the more expensive homes.

We all celebrated when copper rose above $US2 a pound but now it is 20% higher. Oil has almost doubled from its lows, and so on. Remember, it was only last March when the ASX 200 almost touched 3100 – a fall of more than 50% on the peak of November 2007. Now it is trading more than 30% above that low.

Todays update  for the share market

The Australian share market rose more than 1 per cent today, driven by a strong performance of the resources and financial sectors.

At the close, the S&P/ASX 200 was 45.9 points higher, or 1.1 per cent, at 4309.3, while the broader All Ordinaries rose 43.4 points, or 1 per cent, to 4313.9.

Among the sectors, materials jumped 2 per cent, financial stocks rose 1.7 per cent and energy gained 0.7 per cent.

Stockbrokers are now contacting their clients suggesting stocks to buy, and real estate agents are over the moon. Australian companies have raised about $90 billion over the past year or about 15% of the world total. Our leading companies are in good shape.

What the market is telling us is that we are headed for a “V” shaped recovery, which will be rapid and that the doomsayers are simply wrong.

- Asian stocks climb to 11-month high
- The dollar rose above 84 US cents on robust data
- Oil hovers above $US71 on demand optimism
- Gold holds above $US955 but appetite wanes
- Dow futures are 32 points lower at 9216.