Market rally supported by positive data - not just a turn in sentiment

The last time we wrote this comment was back in January. What an extraordinary change of events we h...

The last time we wrote this comment was back in January. What an extraordinary change of events we have seen since then. The market still had further to go to the downside, the ultimate low was not reached until 9 March, but from then a huge rally has seemingly caught investors off guard both in terms of its size and length. As I write, the S&P 500 is 36% above that 9 March low. The rally has now lasted almost three months and I believe a large part of the reason it has lasted so long is that not many investors have benefitted from it. Many market commentators did not believe it at fi...