Last week’s rally in the S&P 500 was big, eclipsing any in four decades. But for really breathtaking gains, nothing came close to those in the market’s most beaten-up corners. Stocks that distinguished themselves by how hard they fell during March’s rout roared back almost 25%.
There were signs Monday that the trade -- a short squeeze in negative momentum, to use its quantitative definition -- had run its course, and with it, perhaps, the market’s newfound buoyancy. Stocks in the group fell 2.9% today, trailing their counterparts on the long side of the momentum factor by the most in a month.