While I did enjoy the movie of the same name, mostly because I am a wine snob in training, this post is about the healing range in the stock market that may have transitioned to the calmer, flat part. I will say it everywhere that I am not calling for a bull market any time soon but as today's column pointed out, a rally to S&P 500 805 would be proof enough that the bear is mortally wounded.
The following Nasdaq chart was left on the cutting room floor.
I wanted to make the point that Nasdaq leadership was a good thing and that it may already be in that sideways range. But I tend to cram too much into my writing and just left it out.
A pundit today said that all major bears end with a retest of the low, referring to the Dow and S&P 500. This Nasdaq chart already fits that description.
But again, I do not see this healing ending until much later this year. Did Chairmen Ben read my newsletter before making his end of recession speech yesterday?