Nasdaq's recent run
In early April, we noted that while people were obsessed with the percentage rally off the low, the most important part was the speed and amount of the decline's retracement. That was among the most bullish aspects of the rally, and suggested it wasn't just "another bear market rally." The Nasdaq, for its part, has nearly erased a bear market within two months. In a premium note, Troy shows that the other times the Nasdaq did this, it was higher a year later all 6 times. There are definitely reasons to worry, though those are mostly focused on the short- to medium-term. The speed and amount of the recovery so far is on a scale where it has rarely failed longer-term.