OT Roubini,
Someday someone will evaluate the market "swoon" that really only lasted around 6 weeks starting in Feb and ending in late March.
The SP dropped and regained 27% in that timeframe, which interesting enough ran tandem with our governments "stimulous sales job". Once we hit the 850 mark again in April, its 27% rise since then really can be diluted by a 16% drop in the dollar index over the same timeperiod.
Bright skys aren't here yet.
ps. When the last time we heard the term mark to market?
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