Fun while it lasted
Rallies don’t last forever and clearly investors are happy to call time on this one as we head into another uncertain weekend.
The last three Monday’s have all been relatively heavy down days, producing an average decline of 5.16% in the . We may have had a good run this week but the weekend can feel like a long time at moments like this and the numbers were getting from the US, which now has more cases than China or Italy, are getting uglier by the day.
It therefore strikes me as quite sensible to take some profit off the table and see how the weekend goes. I fear a few more shocks lie ahead as we get closer to peak coronavirus in countries like the US, UK and more.
Various support measures from governments and central banks around the world, with the huge packages in the US this week alone, are helping to alleviate investor concerns but they don’t change the fact that we still don’t know how ugly the situation is going to get or how bad and…