With each passing week, Canadian portfolio managers are growing more and more optimistic that the worst may be behind them.
Two weeks ago, a massive rally that followed the passing of a US$2 trillion stimulus package was met with caution. That upward movement, after all, could have just been a relief rally, one of many that are usually seen before markets retest their lows and truly bottom out in a bear market. But that momentum has continued to roll into this week after reports suggested the coronavirus outbreak is appearing to slow in hotspots such as Italy, Spain and New York City.
As the S&P/TSX Composite Index entered a technical bull market — it bounced 20 per cent from its low of 11,172 points on March 23 — some are beginning to display a hint of bullishness again.
“Yes, I think we bottomed out,” said Greg Placidi, chief investment officer