Julian Chillingworth: Treading carefully

Equity markets have climbed +30% since their March lows. Technically speaking, there is little dispute that we have experienced a bull rally. The question now hangs on its sustainability, and what we can expect from the coming months. Have the bulls more to cling to than just sentiment and liquidity? Bank-led recessions are different from (dare I say it) their more mundane counterparts. They are more complex, take longer to resolve and are capable of throwing historical precedents out of the window. But it is historical precendent to which we turn when attempting to decipher where the ma...