History Is a Nightmare From Which Stock Pundits Refuse to Awake
- Strategists look to the past to prove baby bull still has legs
- Similar prognostication models used in March fell flat
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Nothing has been normal on Wall Street for a long time. So expecting what “normally happens” to guide the here-and-now is an especially fraught exercise.
And yet that’s what a legion of strategists and analysts continue to do, as the pandemic and its economic pressures roll on. They’re reverting to their only playbook -- the past. It’s a technique that showed its age in March, when the fastest plunge ever turned into the quickest 50-day advance in nine decades, a rally those with a historical bent said was doomed.