Macro Man was admonished last night not to repeat his mantra about 6% rallies. Coming so soon after the last 6% rally, there would appear to be little utility in doing so, so he won’t. Instead, he’ll cue up the Smiths’ “Stop Me If You’ve Hear This One Before”. The 23% rally off the recent lows has been impressive, but let’s remember that it’s the fourth such rally of similar magnitude of the last six months…..many of which have been centered around policy developments.
People keep trying to spot the bottom. But I don’t think you will see a bottom in the markets until people stop thinking that they are saved every time a government program is announced.