Stocks inched lower, with the S&P 500 declining 0.3% last week. The index is now up 6.2% year to date, up 14% from its October 12 closing low of 3,577.03, and down 15% from its January 3, 2022 closing high of 4,796.56.

      “The bear market is over, but it is not the great reflation,“ Chris Harvey, head of equity strategy at Wells Fargo Securities, wrote on Monday. “We see neither a bull nor a bear market, just a market.“

      Calling it a “‘just-a-market’ market,” Harvey said he expected “some giveback, but not a sharp-near-term reversal.”

      Indeed, we are hearing less from those who had previously forecast a big sell-off in the stock market in the early part of the year.

      And while Harvey’s characterization of the stock market is a bit ambiguous, it isn’t paradoxical in the......