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BofA’s Michael Hartnett with his latest.
Tale of the Tape I: avg SPX gain in 43 bear market rallies (>10%) since 1929 = 17.2%,avg duration 39 trading days; this one…17.4% in 41 days; textbook.
Tale of the Tape II: bear rips always “narrow”, of 17.4% gain in S&P500 just 4 stocks (AAPL, MSFT, AMZN, TSLA) contributed 30% of gain, US stocks accounted for 86% of global equity gain; rip winners…”growth” sectors (tech) & “bond proxies” (UTIL, REIT), losers energy & materials as investors trade “peak inflation” & “peak yields” (Table 1).
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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.
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