In recent posts we've presented a case for a bear market rally, and even dared to hint at the notion (as opposed to the conviction) that a bottom may not be in the too distant (whether in terms of price or timing) offing.
Now, I need to be clear, market skies are anything but, well, clear, right here... However, and make no mistake, they indeed won't be as stocks begin to form their ultimate bottom this go round. On the contrary, they'll likely be exceedingly dark, precisely then.
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*Note, at 12:20, meant to say "best day in 2 years" not "20"
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Yesterday's final look at Q2 GDP came in unchanged at -0.6%, with personal consumption besting consensus expectations with a 2.0% annual increase. Initial jobless claims continue to defy the recession narrative, with a sub-200k print for last week.
This from Bloomberg's David Finnerty last evening pretty well sums up the consensus among macro gurus with regard to yesterday's action in the pound:
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