Don’t Be Fooled by the Stock Rally. It’s Still a Bear Market.

This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s.

Bear-Market Rallies

Technical Strategy
BTIGNov. 11: Thursday was another day for the record books. The

S&P 500

had its first daily gain of more than 5% since 2020, and its biggest outperformance vs. the

Dow Jones Industrial Average

since 2001. Long/short momentum was down nearly 10%, the second-worst daily decline since 2001, behind the November 2020 vaccine day.