My view is that it is a bear market rally in the US. The reason to be sceptical about the rally in America is that you have a double whammy – tightening of higher rates and shrinking balance sheets – which is negative for liquidity.
Monday dawns, stock markets hold their breath
On Black Monday, the Dow Jones Industrial Average in the US plunged 22.6% – the steepest one-day percentage drop in its history. The selloff was