The overnight report: take a breath…

Wall Street legend Bob Farrell wasn't joking when he wrote down his investment rule number 10: Bull markets are more fun than bear markets.

One glance over yesterday's share price performances instantly reveals why so many investors are waking up with a big smile on their face these days. There's money to be made, and in many cases, lots of it too!

But can it last? Overall sentiment is exceptionally positive, yet again, and valuations are no longer dirt cheap as they were in September-October last year. This is the public debate taking place on Wall Street right now.