Odds are that Thursday’s explosive rally was not the beginning of a new bull market.
That’s not because the impressive rally didn’t like a new bull market. The Dow Jones Industrial Average DJIA rose more than 500 points, or 1.6%. The S&P 500 SPX did even better, rising 2%, and the Nasdaq Composite COMP even better still, gaining 2.4%. As judged by the S&P 500, Thursday’s rally was the largest since early January. Even more encouraging, from the bulls’ perspective, is that the rally carried through into Friday as well, when...