Howard Wheeldon, senior strategist at London-based BGC Partners, also welcomed the market rally after a "torrid week".
If we are replaying the 1970s, then stocks are in a bear market rally.
It was enough, however, to spark a stock market rally off the lows, led by financials.
The U.S. stock market rally has made a top and will now have a meaningful correction.
Not long ago, the thought of major bank nationalizations driving a stock market rally seemed absurd.
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The stock market rally that began in mid-December has been driven by institutions, not retail investors.
Then, as the change in tax policy appears in early 2011, a market rally is likely.
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Investment analysts are expecting the stock market rally to continue for a few more weeks.
The mere rumours of it happening sparked a late market rally on October 4th.
Stock markets in Asia and Australia rallied Wednesday, in the aftermath of the U.S. stock market rally.
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The continued strength of the market rally now makes a test of the November lows less likely.
The SPY retested the January lows in March (point 3), setting the stage for a bear-market rally.
In 2008, there was a classic bear-market rally from the March 2008 lows that ended in May.
Based upon this and cheap valuations, a bear market rally was the logical next move for stocks.
Just a minor outflow of funds from bonds to stocks could cause an explosive stock market rally.
Mr Rosenberg says government incentive schemes have been behind the housing-market rally and the jump in car sales.
As the stock market rally stalled early in the week the spread has again tried to turn higher.
The first bear market rally of the 2007-2009 bear market had ended 3 days earlier on Dec. 10.
Stocks will have a bear market rally up to a 11, 000 to 13, 000 Dow over the next several months.
And that means buyout activity, one of the major forces behind the recent market rally, will slow as well.
If so, that would be more characteristic of a bear market rally rather than a new once-in-a-lifetime bull market.
Even the hot stock market rally ran into unusual up and down volatility, seemingly uncertain about what to expect.
Typically, this occurs at the start, not the end, of a market rally.
"We could be looking at a two-to-three year equity market rally, " he said.
But the June summit also delivered rather less than the market rally suggested.
But there is little sign so far that the market rally has been accompanied by significant upgrades in earnings expectations.
No wonder many investors now think this unlikely winner in the current market rally has just about reached its peak.
Citing QE2 and the resulting market rally, he sees the potential for positive returns on equities in the coming year.
At the same time, lower prices have enticed the smart money investors to up their bets for a market rally.
This produced the concerted rescue efforts of the central banks on November 30 that caused a breathtaking stock market rally.
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