it must be behind the european markets, most are ahead of the us markets and have reached or over acheived the 2002 highs.
understanding the euro markets are my personal project. best i can understand it is, its still within the realm of technical bounce: e.g. dax is down 75% from 8000 to hit almost 2000 in march. there's a possible neckline sitting there at 4000.
its a big ol' bounce, but the losses are far more substantial than on the s&p or dow. nazdog doesn't count on that timescale, for obvious reasons.
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