Equity investors have been rudely awakened from their bullish slumber. Having risen 50 per cent over the two previous years without any meaningful setback, global equities fell 8 per cent in a week. Volatility has risen sharply, with the Vix index up fourfold. Tactical indicators were looking stretched in January, suggesting a correction was overdue, but now investors want to know what to do next. Is this just another bull market setback, or does it represent the beginning of something more sinister?
沉浸在牛市美夢中的股票投資者已經被粗暴地叫醒。過去兩年在沒有遭受任何實質性挫折的情況下上漲50%以後，全球股市在一週之內下跌8%。波動性已大幅上升，Vix指數飆升3倍。今年1月，策略性指標看上去有些緊張，暗示調整早該到來，但如今，投資者希望知道下一步怎麼辦。這只是牛市中的又一次挫折，還是爲更危險的前景拉開了序幕？
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