Many stocks are no where near their all-time highs.
The S&P500 still needs to rally 25% just to get back to its former highs. And that’s after the 10% rally that we’ve already seen in October.
The Nasdaq100 would need to go up another 43% from here just to get back to its highs. And again, that’s after it already ripped 12% off its lows this month.
Remember, the average Nasdaq stock fell 44% from its highs during the bear market. The average small & micro cap stock dropped about 50%.
And since most stocks are so far from their highs, investors are having a hard time calling this a bull market.
“They need to make new all-time highs for it to be a bull market”, they say to me.
So ok, let’s play that game.
None of these prices here below were new all-time highs. So was this a bear market then? [Read more…]