Andrew Bary writes March 8 in Barron's:

TUESDAY MARKS A MAJOR ANNIVERSARY for the U.S. stock market. The Dow Jones Industrials and the Standard & Poor's 500 both bottomed on March 9, 2009, with the Dow at 6547 and the S&P at 676. No one knew when the closing bell rang that day that the market's 17-month slide finally had been arrested, but there is no doubt today. In the past 12 months the industrials have rallied 61%, to 10,566, while the S&P is up 68%, to 1138.

Although both measures are up just 1% to 2% so far this year, the market looks poised to gain a lot more ground in 2010. The S&P 500 is trading at about 15 times estimated '10 profits of $75, based on Wall Street strategists' forecasts. That's not expensive, given today's low bond yields. Besides, the profit picture could brighten as the year unfolds, as strategists often underestimate earnings. A year ago they were projecting 2010 profits of only $66.

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http://online.barrons.com/article/SB126784011987856735.html?mod=BOL_hpp_mag#articleTabs_panel_article%3D1