The Great Bears do the bear market rally
by David Llewellyn-SmithCross-posted from ZeroHedge is a fabulous post gathering together the world’s great bears.
Albert Edwards admits he is “perplexed.”
Writing in his latest Global Strategy report, the SocGen strategist admits that “until recently (ie the last few days), I had thought that the 35%+ rally in the S&P from its 23 March 2190 low would stall at around 2980 – the 62% Fibonacci Retracement level, as occurred in the previous two (2001 and 2008) bear markets. Hence, I was genuinely surprised to see the S&P climb above the technically important 2980 level, and yesterday power above its 200-day moving average.”
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