The S&P 500 Performance 225 Days After a Bottom

The number of stocks outperforming if you look at the first chart in my note, we've got the percent of members above their 200 day moving average deteriorating since April. We're not seeing that happen necessarily under the surface. You continue to see just the big cap names do it. The S&P 500 performance 225 days after a bottom is very different from what happened on March 9th, 2009. And I think the bull case is going to be to a certain extent, well, this is a great sign because those stocks are now reasonably valued and they can catch up with the broader market.