Why is it guaranteed that we take another leg down? I would take the opposite side of that and say things have likely bottomed and are going to continue climbing higher. The stock market in particular is 3 months forward looking. Do you know why it is at all time highs right now while the pandemic numbers continue to surge? The market isn't dumb or wrong, it's because it's not looking at what is happening right now, it's looking at what will be happening 3 months from now, and 3 months from now we will likely have multiple vaccines being rolled out globally, more stimulus programs launched here and abroad, better treatments etc, and very possibly the green shoots of an economic recovery. So, yes the economy can look bad right now and in the very near term, but that doesn't mean another leg down in financial markets is a certainty.
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