From Chuck Butler, President of WorldMarkets at EverBank.

What's Happened:

It sure looks like the markets, once again took the bait, hook, line, and sinker yesterday. Consumer Confidence rises from a deep dark abyss, and the markets were singing "Ding, dong the witch is dead."

What I Say:

The wicked witch here is the stock bear market and what it's done to the rest of the markets this year. Since November, stocks have lost plenty of ground, and I for one truly suspect there will be more losses in the days ahead.

But not yesterday, and not a losing day for the dollar either! It's probably the best one-day performance I've seen in the dollar in some time...

Again, though, I just have to believe this is a bear trap. This trap will take no prisoners once it's sprung! The Housing data yesterday was awful.

But get this: One headline said it was "not as awful as expected." So, that's a reason to celebrate with a rally? Has this whole world gone mad?