Re: A LOOK BACK: Article of March 29, 2020: Why the Dow's best week in 82 years is no reason to get bullish
SOME QUOTES FROM THESE GUYS. THEY WERE SO WRONG. NOT ONE OF THEM SAID THE MARKET WOULD CONTINUE GOING UP AFTER THE INITIAL UPSIDE THRUST OF MARCH 2020.
RBC Capital Markets head of U.S. equity strategy Lori Calvasina, March 26, 2020:
“This analysis continues to keep us concerned that the U.S. equity market hasn’t found a bottom yet. It also reminds us that after the most severe equity market drawdowns, durable bottoms have taken time to form – something we think will be the case this time around as well. We are growing increasingly skeptical about the V-shaped recovery thesis in stocks.”
Jefferies chief market strategist David Zervos, March 22, 2020:
“Even after a fiscal bailout was agreed in early October 2008, it wasn’t until about 6 months later that the risk asset markets finally bottomed. And to be sure those 6 months felt like an eternity!! I would thus not yet get too excited, too quickly, about a sharp sentiment reverse, even in more positive news begins to flow on a fiscal package. Maybe this time will be different, but right now I have my doubts,” Zervos wrote.
Mohamed El-Erian, Allianz:
El-Erian’s outlook at the moment is “for high stock market volatility around a still-downward trend.”
Nouriel Roubini, professor of economics, NYU:
In searching for a stock market bottom, famed economist Nouriel Roubini, who nailed the narrative of the 2008 crisis, asserted on Twitter that the market “can’t truly find a bottom” until the virus peaks and the rate of new cases is “sharply down.”