Obama's glimmer of optimism about a debt deal puts a big bounce in Wall Street's step

Wall Street wants the debit ceiling raised like it wants its next breath. Maybe even more so.

After President Obama today suggested progress was being made toward a deficit reduction deal thanks to the bipartisan Senate Gang of Six plan, the markets rebounded like Dennis Rodman in his Detroit Pistons’ prime.

The Dow exhibited some impressive fast-twitch muscles with a vertical jump of 202 points, its largest one-day bounce this year.

It definitely was a leap of joy (and hope) that Washington will avert a default on U.S. debt and not reduce us all to paupers treading garbage-infested moat waters in search of sustenance.

But don’t get too carried away. Both Congress and Wall Street are like wet Post-it notes. Nothing seems to stick.