Do you remember Bobby Ewing?
US stocks have recovered from Monday’s selloff — which doesn’t mean it didn’t happen.
The S&P 500 gained 2.3% Thursday, its best day in 18 months. In the process, it completed the recovery from Monday’s selloff.
Does this mean that we can treat Monday as an aberration that never happened?
We should apply the Bobby Ewing Test.
Pam finding him in the shower and discovering that everything had just been a bad dream. You could forget everything from the Bobby-less season; it hadn’t happened.
Tchir: “People are saying there was panic and are buying the market based on that. That scares the heck out of me! I think the ‘complacency’ that the worst is behind us is dangerous.”
John Authers Bloomberg 9 August 2024
https://sv.wikipedia.org/wiki/Dallas_(TV-serie)
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