Everything is green again today - people are buying but it's a slow crawl back to profitability. But we're no where near where we were before.

This is called a dead cat bounce. As soon as we get high enough, people will be planning to sell and that will cause another fall.

Also, investors are cautious. Just watch a good mining stock and see how slowly it is crawling up. What does that tell you?

Plus all the normal data points to increased inflation, higher interest rates and decreased demand...so I think we're in Bear territory, though it is still possible to make money with volatility.

What is interesting is that all this activity in no way is reflective of how well a company is performing. It's all macro stuff. A firm could be doing all the right things but it's share price is going to follow the tide: take Carphone Warehouse...growing, innovative, good management, an ambitious owner, graph tending up..but the daily activity / troughs / peaks all mirror the macro tide.

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