Even though the S&P 500 has rallied more than 60% off its March 2009 lows, the index is still well below the 1,251.70 level it closed at on the Friday before Lehman's bankruptcy filing.  While the rally has been quite impressive, it pales in comparison to the gains we've seen in the corporate bond market.  As of last week, the spread between Baa rated corporate bonds and 30-year US Treasuries had narrowed to its lowest levels since July 2007!  Yes, you read that right - July 2007.  Back then, the S&P 500 was trading above 1,500.

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