By Nigel Somerville | Saturday 6 June 2020
The bears are looking extremely foolish right now. The coronavirus appears to be in retreat and equities are roaring, US jobs data yesterday was taken as bullish, the Nasdaq scored a new all-time high the Dow Jones index closed just 8% off its all-time high and gold has been in retreat. So all is wonderful in the garden, right? I’m not so sure – in fact, I think things are setting up for another big crunch. To coin a phrase (from Alan Greenspan, former head of the Federal Reserve): the markets are exhibiting irrational exuberance.
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