The backup in oil prices due to intensifying geopolitical problems is obviously weighing and will overshadow any bullish sentiment that's linked to earnings or economic data.
It's quite encouraging. The sentiment is better and you've got the indexes passing the highs of the year and holding, so you've got some technical support as well.
General market sentiment remains quite positive, ... Of course, oil could be a spoiler if it moves higher.
It's clear (from the rally) that sentiment has improved on hopes that this second-half recovery is starting to gain momentum.
After Mr. Bush's commitment last night, we could probably see some related issues in play that will offset any fallout from the negative sentiment we've had lately,