You have never understood the relationship between the economy and stock markets, and that the Fed is concerned about the economy. The crisis has hardly touched the big firms in IT at all on any level; in fact, for some of them, it's increased their business and purpose. The world doesn't care if you don't do enough research and think a normal forward P/E is 4 and that interest rates should be 8%. I made the point more then a month ago that those traders who didn't understand why the market dropped ( a black swan medical event ) would likely struggle to react in an optimum way to the event. If you were concerned about federal debt and how this situation was being handled, betting on Gold was a good play. I was surprised how little people talked about Gold on this site early in this crisis. The bottom line is before the crisis, US markets weren't in a bubble ( not even close on any normal metric ) and at best could be described as slightly expensive. This makes the size of the rebound less surprising. Now if you thought we were in a bubble, well, the fact we held at 2200 on the SPX and rebounded to 2900 would of course be mind blowing. Those of us who did the research aren't so shocked.