It is the era of superlatives, the most frequent being “unprecedented”. The term is unavoidable and, I suspect, carries a level of unease only comparable to what many of our grandparents must have felt following the declarations of war that heralded World War II. Except that the state of emergency we find ourselves in now is far harder to grasp than a conventional conflict situation.
Perhaps this is why this month stock, bond, currency, commodity and all other traded asset markets which in aggregate we refer to a capital markets have displayed quite extraordinary dynamics. The week’s headline is that over the course of March 2020 we experienced both bear market conditions due to falls in excess of 20%, but also bull market conditions with some stock markets this week rising in excess of 20% over three successive days of recovery. On Friday the rebound ended, and the week’s recovery now looks very much like the sort of short-term bounce common during bear market periods. For more on the subject of bear market dynamics, please look at the article in the downloadable document titled: ‘The anatomy of a bear market’
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