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Ever since the U.S. stock market hit a trough last Wednesday and began an impressive rebound, you may have gotten the impression that the more beaten-up stocks have enjoyed the biggest bounce. Well, you're right.

"If you didn't own the dregs of the S&P 500 going into the rally that started last Wednesday, chances are you have underperformed over the last few days," said Bespoke Investment Group on its blog, Think B.I.G. Bespoke broke the S&P 500 into 10 groups of 50 stocks each, based on their stock performance from the index's near-term high on May 19 to the near-term low on July 15. They then calculated the average gain in each group since that low.

The 50 stocks that were down the most when the S&P 500 was sliding to its low point last week have since risen 26.4 per cent. But the 50 stocks that had held up the best during the index's slide rose a mere 1 per cent during the rebound.

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"Clearly, this has been a buy the losers rally," Bespoke said.

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