Dalton — The markets are feeling good, and investors are feeling even better.
As I write this on Easter Sunday, the S&P 500 has rallied 23.6 percent since hitting a bottom on Christmas Eve, echoing the 24.1 percent climb for the index in the same number of trading days after it hit a bottom in August 1998. The good news is that, in 1999, the index rallied nearly 60 percent before the Tech Bubble collapsed, a recession hit, the averages got cut in half and other companies disappeared completely. So there is a precedent for significantly much more stock market gains. But that is like saying that if you won the lottery, it’s going to happen again—it’s possible, but is it really all that likely?