False springs
A few sunny days in March are enough to do strange things to people. Coats come off, garden chairs reappear, convertible roofs go down, and someone, somewhere, confidently declares that winter is over. In Britain this is normally followed, within days, by a sharp reminder that it is not. The temperature drops, the heating goes back on, and everyone goes back to behaving as if they had never trusted the weather in the first place. Markets have much the same