fell 10 per cent after three consecutive monthly declines – provides an obvious buying opportunity. If it’s a bear market, last week’s market rebound will be fleeting.In June, many declared the bear market officially over, noting the S&P 500 had rallied over 20 per cent from October 2022′s low. Bulls note that notwithstanding recent weakness, the index never came close to last year’s low.
True, but there are grounds for concern. A few mega-cap tech stocks have soared this year, but most stocks have gone nowhere.Ryanair half-year profits hit €2.18bn, Doyle hotel’s profits jump, and drugs R&D in EuropeCreative Planning strategist Charlie Bilello notes the average S&P 500 stock has actually slipped this year, while the small-cap Russell 2000 index is down 5 per cent. “Is this what a new bull market looks like?”, he asks.
Bespoke also argues that counter-trend rallies have been “pathetic” over the last three months, with investors showing no appetite to buy the dips. That said, stocks showed signs of life last week. Bulls will be hoping to build on the rebound. Otherwise, doubts will grow as to where stocks are headed in 2024.‘Google says my net worth is €22.
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