Wednesday, July 22, 2009
Maybe it's just a "dead cat bounce," but I'm very impressed by the rebound in risky asset prices. The market cap of the global equity market has risen fully 50% from its March 9th lows (vs. 41% for the S&P 500), or $13 trillion in less than 19 weeks. In retrospect, this looks like the "panic rally" that I started talking about in late December and early January. Except that I was a couple of months early in the call, and I missed the Obama-panic selloff of February and early March.
Posted by Scott Grannis at 11:48 AM