What If We Bottomed?
Last month in the heat of the crash/decline I shared a chart in a post titled ‘What Could Go Right’.
The markets bottomed 10 days later and we have had a great rally.
Ryan pointed out something rare technically:
The last time the McClellan Oscillator went from -80 (super oversold) to +80 (super overbought) within two weeks?
It just happened yesterday.
I remember exactly where I was March 2009 (buying stocks on the beach). We were coming to the end of a brutal bear market and it was the beginning of a great run for stocks.
In yesterday’s ‘Momentum Monday’ a lot of software names were at or near all-time highs.
Today some new names popped up on my list in biotech and consumer tech.
The December ‘glitch’ in stocks is becoming the January ‘itch’ for stocks.
Fine with me.
Originally published at Howard Lindzon.