The recovery rally had a slight dip last week, but appears to back on today.

The next 3 months is going to be interesting, news of economies opening and weak financial results (all done by this week for Thailand).

How far will investors look past the #s? How far ahead will investors price in the recovery and assumptions of 100% back to normal?

Will there finally be a shift away from paying so much for growth and into value?

Lots of q’s in the mind at the moment, and I still hold to the viewpoint that 1) commodities recover 2) FOMO will drive this market higher.

But looking at 1) Will the bond market domestically have a hiccup as the BOT doesn’t know what its doing. As a friend said “This is the worst BoT governor since ’97”, why? If the domestic bond markets can rollover their bonds easily => No balance sheet damage => equity prices can remain where they are if not higher.

Enjoy the week.

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