The Dow is back up 936 points. It's the biggest jump in about 75 years. "The point gain was equal to 11.1%, the best one-day percentage gain since Sept. 1932 and the fifth-best ever." Huge sigh of relief, right?
Except when you think about it, that jump was in 1932, smack in the middle of the Great Depression. So I'm not cheering yet. (Ladies look before they leap.)
"Whether the rally can continue beyond the short-term is unclear, as analysts debate whether the market really put in a bottom on Friday.
[Chris Johnson, CEO at Johnson Research Group] said he's not convinced. He equated Monday's rally to a beach ball that has been pushed further and further under the water, where it builds up so much pressure that when it is finally released, it bounces.
'We saw a lot of desperate selling over the last few weeks and at some point, these stocks start to look attractive,' Christopher Colarik, portfolio manager at Glenmede Investment Management."
It'll be an interesting week.
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