(Bloomberg) — The recent rally in U.S. stocks makes it unlikely they will retest the mid-March lows, according to Fundstrat Global Advisors LLC, which recommends investors buy consumer-discretionary shares.The S&P 500 clawing back half of its losses from the mid-February record has strong historical precedent to indicate the bottom is in, Fundstrat co-founder Tom Lee wrote in a note Friday. Of the 10 declines of 30% or greater since 1929, only four retested the “final low,” he said — and a 50% retracement of the gauge “largely eliminates” such risk. The gauge closed Friday at 2,875, up 28% from its …read more
Source:: Yahoo Finance
