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The Curious Case of Bernie Madoff

Good morning, and Happy New Year. We are fresh off a solid three-day rally, with the SPY moving sharply up from an $86.91 on 12/29 to $92.99 on 1/2/09. The VIX has continued to slide down as well, from 43.9 on 12/29 to 39.18 on 1/2/09. Is it the start of something positive, a relief rally that the horrible investment year of 2008 is over, a celebration of the new President, or just another bear market rally?

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