The Great Bears do the bear market rally

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Cross-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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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.