Bear-Market Rally Has Legs With Powerful Move Off the Bottom
- Move off recent low has seen a jump higher in advancing stocks
- Such moves often presage extended runs higher in equities
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There has been a surge in the number of advancing NYSE stocks, which is typically a very reliable sign of further positive equity returns in the coming weeks.
The bounce off the recent lows in stocks has been impressive. Negative sentiment and short positioning found the spark they needed in the sharp fall in the JOLTS job openings survey on Tuesday. As one wag on Twitter put it, firms finally figured out that all they needed to do to force the Fed to pivot was offer fewer jobs.