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Asian stocks finished mixed on the week but appeared ready to resume their march downwards at a moment's notice.
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Conceivably a false recovery even could continue a bit longer, if investors lose their skepticism (and longer-term memory) and read into the present weak recovery their hopes for a general amelioration. Should that happen, however, the subsequent downturn would likely be relatively sharper; and indeed, that may be necessary for a selling capitulation that would mark the end of the first phase of the decline that began over a year ago.
For this, let us recall, is only the start of something big. There is much more bad news to come and wealth to be destroyed before it becomes evident that the second half of 2009 will not mark the beginning of the turnaround or even low-growth recovery upon which significant current investment strategies remain, for the time, predicated.
