In the space of a week, the market's sentiment has turned on a dime. From threatening
to test the year's lows a week ago, stocks are now trying to burst out upwards, backed by upgrades from strategists at several big banks.
To explain what happened, we need to know the new information of the past week and to understand investors' sentiment when the bounce started last Monday.
News from corporate America was better than expected – but not by much. According to Thomson Reuters, S&P 500 companies were expected to post a year-on-year fall in earnings of 35.2 per cent at the week's end, compared with a fall of 35.7 per cent seven days earlier. Worse was expected in May, better was expected in June. More evidence is needed.
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