Hello, Subscribers:
The rally in U.S. stocks since the April 8th intra-day bottom has been extremely vigorous. The S&P has recovered over 16% and is now down a mere 3.9% in 2025. This rebound included a 7¼% surge from the lows on April 8th to its high that day.
Considering the turmoil gripping the world economy, including what could be supply chain disruptions even more severe than during Covid, this modest decline seems at odds with reality.