This was a day of many emotional ups and downs for bulls:
--up on a strong open;
--down as techs, materials, energy and some financials were sold into the rally;
--up as techs, financials and consumer discretionary rallied modestly in the last 45 minutes.
The central dilemma for bulls is how to entice those sitting on cash back into the market; yesterday's rescue of Fannie and Freddie does help deal with a major systemic risk, but it does not repeal the economic or housing cycle.