With many stocks hitting new 52-week highs, market momentum is clearly strong. Yet at the same time it’s getting harder to argue that stocks are trading at depressed levels.
We’ve made back a lot of lost ground, meaning that we might need more than “less worse” in order to really push this market higher.
Bespoke Investment Group: Because the year-over-year change in the market remained very negative up until just recently, stocks were not hitting new 52-week highs even though the market had been rallying strongly. Now that we’re above levels that we were at one year ago, we’re getting numerous 52-week highs on a daily basis.