The U.S. stock market’s huge decline on May 5 actually boosts the odds of a strong rally beginning soon, even if it won’t kick off a new leg of the bull market.
Martin said the net effect of recent huge swing is to increase his confidence that this 8% to 15% rally could begin soon. “We’re getting closer with today’s action,” he said. Similar divergences were evident in other parts of the market as a well. The equal-weighted ETF version of the Nasdaq 100 index QQEW, -1.60% was beating the cap-weighted version QQQ, -0.89% by 0.4 of a percentage point, for example.
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