Bassanese Bites: Good is bad – December 12 2022
Week in review
Global equities suffered a setback last week after a few weeks of hopeful gains. Technically, the US S&P 500 tried but failed to break through the downward sloping trend line from the high of earlier this year, along with the 200-day moving average. Fundamentally, the market rally of late came despite falling earnings and a rebound in price valuations to an uncomfortably high 18 times forward earnings.
