Jason Goepfert

6-04-2020 at 5:32 pm

Daily Report : Nothing is oversold; The Nasdaq's short road back to even is golden

Not a single one of the markets we follow are showing pessimism, while a large percentage of them are displaying excessive optimism. This seems like it should be a negative sign of broad-based risk-taking, but that's precisely why it has been a good longer-term sign. We've only seen this during periods of sustained recoveries.; The Nasdaq Composite has almost fully recovered from its large pandemic decline. It has gone from more than 30% below its 52-week high to within 1.5% of it. Every time it has cycled so far, it has been able to fully retake its previous high, usually within weeks.

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