Sometimes the news stream drives prices, and sometimes the price action drives the narratives. We argued that the sharp decline in equities at the start of the year was fanned the doom and gloom in the media and market commentary. Many had been taking about a new financial crisis and parallels were drawn between the price action now and the 2007-2008 period. Perhaps it was the green shoot of spring flowers in the Northern Hemisphere. Perhaps it was the realization that the sell-off was exaggerated. Perhaps it...
