Fundranker Blog—Rally Report
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Rally Report
What a difference ten months makes. When the market hit Great Recession lows on March 9, 2009, things couldn’t have looked much bleaker. Even as the market began to recover some of the immense losses of 2008 and early 2009, financial pundits kept calling for it to retest its lows, which still has not happened.
Indeed, the American Association of Individual Investors reported this week that 38% of surveyed members were bullish on the stock market in the short term, up from 19% in early March, but lower than the 51% reported last August, and significantly lower than the 58% level reached in the latter stages of the bull market in 2007. Considering these readings as a contrarian indicator suggests the market rally has room to run in 2010, as the bulls have not yet started to stampede.
As of December 31, 2009, the Nasdaq Composite Index (as measured by the Fidelity Nasdaq Composite Index Fund), the S&P 500 Index (as measured by the Fidelity Spartan 500 Index Fund), and the Top Eight Model Portfolio were up 79.8%, 67.8%, and 58.6%, respectively, from their March 9, 2009, lows.
Posted 1/2/10 12:54pm ET in Fundranker, Market
