A firm grasp of contrarian logic is needed for understanding markets. Yesterday, General Motors, a US icon and for long the world's biggest company, went bankrupt.
So, of course, yesterday saw world markets convince themselves that the story of recovering economic growth was real and that the long-running downward trends had been broken. The S&P 500 and the FTSE Eurofirst 300 both moved above their 200-day moving averages, formed by taking the average of the past 200 days' closing prices, for the first time since late 2007. This suggests that deep-seated sentiments are changing.
Rising equities were joined by surging commodities and sell-offs for government bonds and the dollar, as money came out of safe havens.
您已阅读41%（719字），剩余59%（1048字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。