Pottering About
Cloudy crystal ball?
My ‘we’re past the worst’ assessment at the start of last month looks to have been woefully optimistic on the basis of August’s stock market returns, although as I begin to write this with a few days of the month remaining, valuations are heading back up.
What is rather odd is that there has not really been any new macro economic news to deflate the optimism that prevailed in July but indices are showing that markets more or less gave back the gains they made then. It is just possible that investors in the important US markets simply decided to book gains ahead of the usual ‘back to work’ re-assessment that usually happens in September before the always important and generally risky run to the year end. But maybe there are other reasons?
You must be logged in to post a comment.