Last week, the markets were moving significantly higher on improved risk sentiment. The media tends to focus on specific events that might have a short term impact, such as the ECB raising asset purchases (which buoyed the euro as expected.) However, such a consistent move in investor sentiment generally implies a combination of factors pointing towards optimism. The S&P 500, the premier gauge of equities in the US, has recovered 40% since touching the bottom at the end of the best 50-day stretch in history. Just as the crash from COVID-19 was historic, so too appears to be the recovery. Another example is that the ... (full story)