Bears might suggest that what the market has really benefited from is the investors’ relief that the UK is not rushing into the exit process and that triggering Article 50 has been postponed until next year.
You might see this as the equivalent to kicking the can down the road, by which time the elderly bull will be looking even more wrinkled.
“Following the relief rally, momentum in the UK stock market started to weaken as the outlook is deteriorating and the currency has rebounded from its lows,” says Guy Miller, chief market strategist at Zurich.
“An expected relapse in the pound as we approach the actual exit process will support the FTSE 100 thanks to the translation effect.
“But the upside potential looks limited and negative momentum is expected to remain in place for the time being.”
