Market Musings 261122: A second head-fake, or a real bull trend this time?

Market Musings 261122:A second head-fake, or a real bull trend this time?
It is tough to tell the difference between a bear market rally and a new bull market…
SUMMARY
Long-term interest rates decline, boosting stocks and bondsFinancial conditions are more supportive for stocksStock buybacks should accelerate into year-endStock market indices hold above key moving averagesValue stocks still look attractive versus GrowthHealthcare and Biotech is a new leading sector How to tell between a bear market rally, and a new bull market?
Stock markets have rebounded sharply over the last few weeks. The average US and European large-cap stock has recovered 12-14% since the end of September. At this point in time, the UK FTSE 100 index has now recovered to flat for the year (+3% once dividends paid are included), while both Eurozone and US stock market indices remain around 155 lower than at the start of this year.
A double-digit rally for US + European stocks since end-September

Source: tradingview.com
However, the question many investors have in their minds today is the following:”Is this just another bear market rally as we saw in June, or is this the beginning of a new bull market trend?” Arguments for continued...