The mystery stock surge is probably just another bear market rally
than expected, pushing up bond yields and initially hitting stock prices.
Investors are again deeply pessimistic. At the same time, the size of the fall in prices has many actively discussing when it might be time to buy, with the S&P down 26.7% at Thursday’s low since the start of the year.
There were similar temporary but large rallies after the big intraday jumps in October 1997, August 1998, April 2000, January 2001, July 2002, May 2010 and August 2011 .
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