Barry Ritholtz thinks this rally isn’t over yet since still far too many investors are balking at the strength in stocks.
The Big Picture: I have noted previously that this is the most hated rally in Wall Street history. Many people — both pros and individuals — all have reasons as to why it must end badly: PPT, hyper-inflation, bad economy, etc. Most bull moves do not end when they are hated, they come to a halt and reverse when they become over-owned and over-loved.
He then explains that we haven’t yet made back what was lost during the panic sell-off of late last year. He plants himself firmly in the less-worse-is-better camp, to which we belong, by saying “After 7 months of Hell Purgatory feels pretty good.”