When the dam breaks
The confidence is back! Okay, maybe not back but it is peaking its head again. A 50% recovery from the crash of last month and people are feeling a lot better already. Never mind the fact that they are still at home 24/7 and they are having to wear a mask to go get groceries during the only time they step out of the house. Never mind the bodies piling up randomly in a retirement home. Never mind we have given back all the job gains from 2008.
Fine you don't care about any of this so let me contrast it in market terms. Never mind that the energy sector is still down more than 50%. Never mind the travel industry is down more than 50%. Never mind home builders are down more that 50%. Never mind the financials are down 30%. Never mind REITs of all kinds are decimated, especially the retail ones.
So what gives us all the confidence to gain back 50% of the 30% drop in markets. Does a 96% drop in air travel not give us pause? Or the 22 million people who have lost their jobs cause us so…
Fine you don't care about any of this so let me contrast it in market terms. Never mind that the energy sector is still down more than 50%. Never mind the travel industry is down more than 50%. Never mind home builders are down more that 50%. Never mind the financials are down 30%. Never mind REITs of all kinds are decimated, especially the retail ones.
So what gives us all the confidence to gain back 50% of the 30% drop in markets. Does a 96% drop in air travel not give us pause? Or the 22 million people who have lost their jobs cause us so…