By my work, everything started to improve for stocks after June 16th.
That was when the list of new 52-week lows peaked and stocks started the process of going up all the time, instead of going down all the time.
In bull markets, stocks go up. In bear markets they go down, not sure if you heard…
Anyway, these days I’m seeing a lot of investors pointing to October 13th as the market bottom, because that’s when the S&P500 and some of the other indexes made their lows.
But by then, most stocks had already bottomed. It was only a few of those large-cap indexes left still falling.
That’s why looking at market internals is so important to our process.
In fact, I was interviewed by Maria Bartiromo on national television the very next morning (Oct 14th), and I was telling her how stocks had already been in a bull market for months.
She looked at me like I was crazy. Go check the tape!
BUT BUT BUT, I do think there is something to point to from those October lows, it just has less to do with the U.S. stock market.
It’s the International Equities that started their run on that day. [Read more…]