stephen wood of russell investments says he hasn't seen a major economic change. but he has seen a big swing in market psychology. >> about a year and a half ago, end of two thousand and seven, you had a market priced for absolute perfection. coming into the first quarter of two thousand nine you had a market priced for armageddon. what's you've seen is a reversion to something in between. and i think it's an expectations game now in that its not nearly as bad as feared. estimates have come down and expectations are so low that companies are beginning to beat. >> reporter: analysts say many professional money managers, afraid of being left behind, have fueled the rebound. mike ryan of ubs wealth management says there's a lot of cash available to sustain the rally, at least in the near term. >> on the margin we're starting to see that the news has become incrementally better. you're seeing less concerns about system wide failure and more issues about how quickly this recovery will gain traction and where will it gain its footing first. so to me i think the conversat