by Greg Guenthner
Daily Reckoning
The market posted another modest gain Wednesday.
It’s springtime for stocks after a winter filled with turmoil. The major averages are back from the brink and approaching their old highs.
Today you’ll see how stocks have recovered—and where they could go from here.
To understand where we are now you have to go back to last year. 2015 was the year of “bad breadth.” Just a handful of powerful stocks were propping up the major averages. That’s how the ridiculous FANG meme – Facebook, Amazon, Netflix, Google — came to be. Many investors thought these were the only stocks worth owning.