OVERNIGHT

It's all about perception and at the moment perception by many investors after the favorable U.S. report on jobs and an upswing in some commodities, namely oil, copper and iron ore, seems to have bolstered investor confidence.

At least that was part of the sentiment in Australia where the market rose 0.8% to the highest level in two months and the Australian dollar continued its strength against the U.S. dollar in light of news that the economy grew last quarter on an annual pace of 3%.

In other markets the Nikkei rose 0.8% adding to the 4% jump just a day ago. The Hang Send was 0.4 higher, the Korean KOSPI was flat, the Shanghai Composite Index was up 0.3% and the Chinese yuan relatively unchanged.

As one market pundit observed: "Things are calm for now, but risk is being repriced and central banks face limited stimulus options." Another added: "China has huge potential to roil markets as the nation navigates a difficult structural transition," he said. "Asian trade, traditionally a bellwether for global growth, is in recession."

What nearly everyone would like to know is this: Have we seen the bottom in commodity and energy markets or is this just another fools's market rally? Cruising around the web, you'll see there are plenty of opinions on both sides of that debate.

So for now perception reins.