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The Anatomy of a Rally
Glimmers of hope for the economy have shown up over the last two weeks
As I have been writing in recent columns, investor sentiment had gotten extremely bearish and fearful, which is always the case at significant market lows. On the technical side, the major market indexes were extremely ‘oversold’ beneath their long-term 200-day moving averages. Short-selling had been at a feverish pitch.
However, once such conditions for a potential rally have been set up, what is always needed is a catalyst – some event, announcement, or a glimmer of improvement in economic reports – to convince short-sellers to begin moving to the…
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