Rally is appearing to reverse as the focus goes back to fundamentals

The Fed's decision to lend directly to Wall Street for the first time since the Great Depression of ...

The Fed's decision to lend directly to Wall Street for the first time since the Great Depression of the 1930s has dramatically lowered the risk of financial system collapse and investors have heaved a collective sigh of relief. Economists are starting to say the worst of the US recession, if indeed there was one, is already behind us. Since the Bear Stearns bail-out, world equities have recovered most of the ground lost earlier in the year. However, the rally may already be starting to reverse as investors focus back on deteriorating economic fundamentals. Bear market rallies pack an aw...