I know it seems hard to imagine: but is Wall Street becoming Pollyanna?

Is it possible that those grizzled, cigar chomping denizens of lower Manhattan, have suddenly turned into cheery, adolescents, viewing the world through rose colored glasses?

Hard to believe I know, but it is sometimes seen at times like this. After all we've now passed the worst of a major recession, and indeed things are starting to look better. Both the New York Fed Model of the Economy, and the Atlanta Fed's model of the same point to a dramatic up surge in this third quarter.

But there is a danger here for the Street, and investors in general. We all need to be careful not to become overly optimistic.