Beware of illusions
July 3, 2020 Leave a comment
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Those who don’t watch markets closely might be fooled how the media is “framing” the scene.
The S&P 500 did have its best quarterly return in 20 years.
It rose 20%.
But it did most of that work in the first two months.
The month of June only contributed 2% of that return.
Contrarily, it seems that “non-professionals” have a feeling that the market is roaring higher on a daily basis.
It’s not and it hasn’t. The market is still the same price it was a month ago.
In fact, June 8th remains the “post-recovery” high seen in many global equity indices.
July 3, 2020
by Rob Zdravevski
rob@karriasset.com.au