Do stocks really deserve to be up so much?

Market bears and short sellers were slaughtered like sheep this month. The DJIA was up another 100 points to close the month, logging its best three-month run since November 1998.

What is astonishing is how much the Dow is still below its 14,000 peak. With all of the trading energy of the last three months, the market has only made it back to 8,500 which means many traders are still sitting on horrible losses.