Bassanese Bites: The “correction” is over – Week beginning: 29 April 2019

A better than feared US earnings reporting season and continued “Goldilocks” economic reports saw Wall Street break to new market highs last week, officially classifying last year’s market slump as yet another correction in a long (albeit maturing) bull market.  While on the basis of intra-day pricing the S&P 500 Index did drop by 20.2%, it was 19.8% on a daily-close basis and only 17.5% on a weekly-close basis.  The market has recovered these losses since lows set around Christmas.

This once again demonstrates the reality that deep and sustained bear markets (i.e more than 20% declines) are hard to achieve without a US recession – and there’s certainly no sign of that anytime soon.  The clock resets.

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