Optimism back from the dead.

The Sydney Morning Herald - ABIX via COMTEX -- Foster Stockbroking's Kevin Curran says the Australian sharemarket's strong gains on 21 July 2008 were "long-overdue". The benchmark S&P/ASX 200 finished 171.4 points higher at 5,011.8, although Goldman Sachs JBWere warns that the crude oil price will have to keep falling if the sharemarket rally is to continue. Meanwhile, Angus Gluskie of White Funds Management believes the market had been oversold earlier in the month in response to concerns about the US financial sector.

FOSTER STOCKBROKING PTY LTD
STANDARD AND POOR'S ASX 200 INDEX
GOLDMAN SACHS JBWERE PTY LTD
WHITE FUNDS MANAGEMENT PTY LTD
HANG SENG INDEX
PLATYPUS ASSET MANAGMENT PTY LTD
STANDARD AND POOR'S ASX ALL ORDINARIES INDEX
COMMONWEALTH SECURITIES LIMITED
COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
ARMYTAGE PRIVATE LIMITED
BILLABONG INTERNATIONAL LIMITED - ASX BBG
COMPUTERSHARE LIMITED - ASX CPU
SUNCORP-METWAY LIMITED - ASX SUN
UNITED STATES.  FEDERAL RESERVE BOARD
BEAR SOLUTIONS
FEDERAL HOME LOAN MORTGAGE CORPORATION
FEDERAL NATIONAL MORTGAGE ASSOCIATION
DOW JONES INDUSTRIAL AVERAGE INDEX
STANDARD AND POOR'S 500 INDEX
APPLE INCORPORATED
BANK OF AMERICA CORPORATION
MERCK AND COMPANY INCORPORATED
BABCOCK AND BROWN LIMITED - ASX BNB
MACQUARIE BANK LIMITED - ASX MBL