And You Thought US Markets Had An Impressive January...

In the US, stocks had their best January since 1997. Believers in a ‘January Effect’ take this to be very good news for the rest of the year.

But if you thought the S&P with its 4.3% gain for the month was impressive, then you haven’t seen anything yet.

Check out Egypt, whose stock market got battered last year after the revolution.

Its January performance? 27%.

Egyptian EGX 30 Price Return Index

chart

And though you might think this is just a meaningless, isolated, anomaly, it’s not.

As we pointed out here, in a recent CHART OF THE DAY, Egyptian stocks have seen a nice correlation with other high-risk assets for the last year. It’s all part of the global dash for trash, or extreme appetite for risk.

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