European markets traded higher again Friday as the first tentative signs of stabilisation are built upon. False optimism perhaps – the full extent of the economic damage remains unknown, yet markets tend to move ahead of the real world and will be pricing for 2021-22 already – global stocks will overshoot and bottom out well ahead of the real economy. On the other hand, a drawdown of this scale usually takes months to play out. Picking a bottom is always the hardest part of trading.
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