Since hitting 12-year lows on March 9, the broader S&P 500 (SPX) index has gained 20.6%, ending higher for three weeks straight.
As market pros debate how much longer the so-called bear market rally can last, contrarians believe that all the wariness will help the recent advance grow longer legs.
"For every one person who thinks this could be the start of a new bull market, there are 99 who think it's a dead cat bounce," said Tom Sowanick, chief investment officer at Clearbrook Financial.
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