So much for the double-dip recession and a new bear market. With upside surprises Wednesday in the Institute for Supply Management's manufacturing survey and Friday morning's August jobs report, it's safe to say the correction in stocks is over.

I knew this was going to be a good week in the markets when I looked in my inbox Monday morning. There was one particular email from a regular reader of this column, who was politely but firmly skeptical of my rather bullish take last Friday, which was based on the fact that consensus forward corporate earnings continue to move higher.

This reader pointed me to an article in Monday’s Wall Street Journal, which stated that growth estimates are moving lower. He suggested those estimates undermined my bullishness. In fact,...