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Step two of bottoming process, and a path for small-caps

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Stock market in stage two of four-step bottoming process. Breadth thrusts would signal new bull market. Small-caps have been consistent outperformers after bear market bottoms and end of recessions. Small-cap rallies have been shorter and weaker in small/large secular bears.

Ned Davis Research | Equities | U.S. Focus | Weekly

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