Equity markets still face steep climb

An anniversary can sometimes be a useful point to stand back and survey the world. This time a year ago, investors were petrified the imminent war in the Middle East could unleash chemical and biological warfare; this time four years ago, investors were witnessing the most astounding piece of crowd madness since the tulip bubble of the eighteenth century. Even last year's powerful rally has not diminished the prevailing sense of disbelief and pessimism in the markets. Currently, the pessimism is focused on the 'jobless recovery' in the US. The low number of new jobs being created, in spit...