Emerging markets trounce UK and US

This is still not a very friendly stock market. In the UK the number of shares reaching new 12-month peaks, remains pitiful.

On Thursday there were three new highs and two of those were related to precious metals. Shares may have bounced but there is no real fizz to this market.

The US is the same. On Thursday there were 41 new highs and 57 new lows indicating that there is still considerable downward pressure on share prices.

This is why it is premature to talk about a new bull market, even though I think shares have made their bear market lows. We fell too low, we bounced, but western economies are still deep in the mire.

Fighting fire with a water pistol
We have seen an avalanche of sticking plaster solutions from the government including printing of money by the Bank of England and the lowest ever short-term interest rates.

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