The Bobby McFerrin rally

Paul La Monica at CNN/Money files this report about the current stock market rally.

Call it the Bobby McFerrin market. Investors are no longer worried. They're happy.

All those concerns about the economy heading into July seem to have subsided for now. The S&P 500 surged 7% last week and was up again Monday on reports that troubled business lender CIT Group was about to get a short-term lifeline to keep it from bankruptcy.

The S&P 500 finished Monday above 950 -- its highest point of the year and the first time above that level since November.

So is this Christmas in July rally really an indication that investors are sensing the worst is over for the markets and the economy?

Yes. We'll find out whether or not they're right soon enough...