"Just like the weather, financial markets go through cycles... Most years, weather doesn’t change suddenly. We get some transition time between the colder and warmer seasons. I fear we may be in an economic transition right now. And it may not be in the direction of the springtime or summer we would prefer."
The headlines are all about yesterday’s “extraordinary” bear-rally in stocks, buoyed by expectations the US/China trade discussions will de-escalate trade war tensions. I’m unconvinced by the narrative: the volume was tiny and a look at the charts suggests global stocks have still got problems ahead.