It may have gone unnoticed by many casual observers of the stock market, but it has made a remarkable rebound in just a little over two weeks of trading.
The Dow has staged a dramatic comeback from a low of 6,547 on March 9 to 7,924, its closing level on Thursday, March 26.
That’s a 21% increase.
Of course, the Dow is still down for the year. The January 2 (first trading day of the new year) close was 9,034.
Through March 26, the Dow is down 12.25% for the year. Not pretty, but a big improvement over the 27.53% it was down on March 9.
Does this mean the market has bottomed?
Probably not, but who knows. As long as equities remain cheap and there is some reason for confidence, there’s a good chance for more gains.
But, also beware of another correction that could produce some gut-wrenching dips.
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