1、 May 2009 20095 Some light at last! At least that is what March felt like as equity markets posted their strongest returns since October 2002. The weak sentiment of January and February continued into the early part of April with sentiment remaining weak. However, that was quickly forgotten as a ser
2、ies of positive statements from financial corporations sparked the strong rebound in the second half of April. The surge in the equity markets hinted that a bottom could now be in place although there promises to still be high levels of volatility going forward as the recovery takes shape. The rally
3、 was initially sparked by comments from Citigroup who stated that they were operationally profitable for the first 2 months this year and was extended by similar comments from the likes of HSBC, Barclays, Bank of America and JP Morgan. Adding further fuel to the rally were positive economic reports
4、and new stimulus packages from the global governments. The question going forward is whether this is just a bear market rally or the start of a new bull market. With some markets more than 20% above their lows, there is the suggestion that we are in both a bear and bull market, although the question
5、 can only be answered in the months ahead. Sentiment has changed though and there is no longer a sell on rally mentality that was prevalent in the early months of this year. This would suggest that we could see the recovery extended in the coming months as investors start dipping their toes back int
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