What is the difference between a bear market rally and the start of a new bull market in the Coronavirus era? The question becomes insidious after the panic of March and the apprehensive euphoria of April. The first quarter of 2020 probably ended that upward movement that began in 2009 following the sub-prime crisis in the United States. The climb was basically driven by central banks. To the debt crisis, which threatened to drag the world into deflation, Ben Bernanke and Janet Yellen responded by inflating financial assets, flooding the world with liquidity. In the [...]
APRIL COMMENT 2020 - WAITING FOR A NEW BULL MARKET