Société de recherche indépendante en macro-économie et stratégie d’investissement

In the past 50 years, the average amplitude of a bear market rally has been 15% over a period of 55 days. That of mid-June/mid-August 2022 was entirely consistent with the norm: +17% over 61 days (see table infra), obviously without retracing the fall started at the beginning of the bear market in early January...