Is Europe The Grinch That Stole Thanksgiving?
In case you were wracking your brain for the last time it seemed so dismal in the equity markets during such a thankful and rejoiceful week, well its at least 10 years ago! This week's displeasing equity move is the worst of the last 10 years - beating 2008 to the downside which managed a late recovery. 2002 had the best performance and just in case someone tries to sell you on the recovery this week, the average performance from 11/18 to 11/24 over the past 10 years has been a rather lackluster -0.2% - admittedly better than the -3.8% the S&P is currently looking at.
The last ten years are dominated by 2008's massive volatility and 2002's suprious outperformance. But on average (as seen below) we were in sync until Tuesday when the wheels started to fall off thanks to our European colleagues - Thanks Europeans!
Perhaps it is an appropriate time to give thanks in our own sardonic manner to those most to blame for where we are.
Perhaps - Happy Thanksgiving ECB?
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