Financial markets have two great phrases to describe the recent FTSE rally. The first is a dead cat bounce. Well, the cat bounced, and it is now heading back to earth.
My favourite description is a sucker rally. The market slides, and naive investors think it is oversold. They jump in, allowing others to jump out by selling on the upswing.
The FTSE is down about 7 percent today. The market is down 27 percent since September 2nd.