It could be good to say that the Omicron fall-rebound-fall sample holds a deep lesson on investor biases, the overextended state of the market or the tendency of the market to disregard apparent dangers after which panic. At the least, it will be good for these of us writing market commentary.
Sadly, the reason for the size of Friday’s fall and Monday’s partial rebound is prosaic: One thing probably very dangerous occurred, the invention of a variant of Covid-19 that spreads quick and may be capable of evade vaccines. And it occurred in the midst of the Thanksgiving vacation, when a lot of Wall Road was away.
