In One Chart: The ‘smart money’ isn’t buying the stock-market bounce, and that could mean a test of the lows: analyst

Stocks may have ripped higher Wednesday in a bout of post-midterm relief, but the “smart money” doesn’t appear to be buying into the November bounce, noted one analyst, who argued that equities, as a result, could yet retest their October lows and that any sustained rally may be especially reliant on corporate share buybacks.

In a Thursday note, analyst Brian Reynolds of Canaccord Genuity focused on the so-called smart index, which remains weak despite a stock market rebound that’s produced a 3.2% rise for the S&P 500 SPX, -0.33% since the end of October and a 3.7% rally for the Dow Jones Industrial DJIA, +0.02%

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