After an unseemly stampede, the Nasdaq Composite may be near the end of its correction

Stock-market timers, who as recently as two weeks ago were irrationally exuberant, have reacted to the market’s recent correction by beating a hasty retreat.

This is a positive sign, from a contrarian point of view. Though short-term market-timers aren’t yet so pessimistic as to be in the “excessively bearish” category, they are getting close.

Consider…