Investors have studied everything from power consumption to the infection curve to figure out if this market rebound is a headfake after the coronavirus crash.
It may also pay to brush up on history -- where the signs look ominous. For all the cheer spurred by unprecedented policy stimulus, U.S.
financial conditions are behaving in ways that look eerily similar to 2008. If that pattern continues, it means at least one more bout of cross-asset pain is coming.
The Bloomberg United States Financial Conditions Index, a measure of stock, bond and money market stress, started this sell-off with a one-month plunge to the third week of March, before recovering about half of that in the month that followed.