Global equities have rallied strongly since the middle of March on, some might say, a wing and a prayer, or at least on a mini boom of central bank largesse, after the nasty declines that had taken place in erratic, stair-step fashion, since the first signs last summer that something quite fundamental had changed in the global economy and capital markets.
But a short sharp upward move is a short sharp move and not much else, and easily reversible when psychology is fragile as it still is now. Read full comment here: 29-april-investment-comment.doc