So what to make of last week’s stock rally? It was “one of the sharpest on record,” Morgan Stanley strategists said. “While it could go a bit higher, led by the Nasdaq and small-caps, we remain convicted it's still a bear market.” They expect the market’s next down leg to finish by mid-to-late April.
Last week’s enthusiasm may already have worn off a bit, with the S&P 500 little changed in recent trading.
“Bottom line, last week was nothing more than a vicious bear...