Signs of an upsurge as sell-offs engender better opportunities

'New bull markets begin in pessimism, develop in scepticism, mature in optimism and die in euphoria....

'New bull markets begin in pessimism, develop in scepticism, mature in optimism and die in euphoria.' Many versions of this adage are currently circulating, all with a similar question: is the upsurge since the beginning of March the real thing or just a rally in a continuing bear market? This kind of question probably falls into the category of 'unknown unknowns' and, given past experience of cyclical capital markets, it is by no means unknown for there to be a number of false starts before a real recovery. The consensus view appears to be that a number of indicators are looking better t...