Short term relative performance of stocks - Up move is based on short covering and value buying

Checking the relative performance of stocks, we can clearly see that the recent up move is based on short covering and value buying, beaten-down stocks showing better relative performance in the short term.
Since the last bull market top (5 November 2010) many stocks are still down 41 %, on an average, while they are up 90%, on an average, since the bear market bottom (20 December 2011)

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