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The case for a 'powerful rally' in the stock market is building, MKM Partners says

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While there is no way to precisely tell when a bottom is reached, several indicators suggest a counter-rally may be coming.

A powerful counter-trend rally could be on the horizon, but may not come immediately, according to MKM Partners. Actual or expected softness in indicators such as rent, wages and core inflation that are currently pressuring the Federal Reserve and markets, could prompt a rebound simply by making investors more bullish, MKM chief economist and market strategist Michael Darda said in a report Tuesday — days before Thursday's historic market reversal.

The five-year average for estimates – typically seen as a more common recessionary indicator – is also down to 20x from 29x a year ago. In the last century, Darda said these multiples have only dropped more in 2008, 2001 and 1930. "Unfortunately, in each of these episodes, there was still equity market weakness ahead.

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Sucker rally?

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