And ~10% run ups are quite common in down markets. This is the 3rd one this year after the 11% increase in March and the 17% increase in June -> August. But each succeeding peak has been lower than the previous one, and if that were to continue we'd see another drop relatively soon.
While at some point it'll start a more consistent trajectory upwards, I don't think there's much reason to think we've seen the bottom (though I guess it's possible). Right now, it's the 20th biggest drop from peak to trough among the 22 bear markets in the last 100 years. And the S&P has always bottomed out within or just after a recession. So if one is going to happen in the next year or so, that would suggest that there's room to drop still.
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