Before today, the MSCI World market index had risen for eight days in a row - the longest run of gains since 2006. So there’s no doubt a bounce is underway. But is it the real turning point? Not the way I read it. The current rebound may run for a little longer. But long-term, share prices could still have much further to fall...

What was your response to the surge on global equity markets last week? Did you join the throng of ecstatic market commentators as they buried the bear – or did you smile knowingly as the term “dead cat bounce” flitted through your subconscious? Considering a leaked memo from ailing Citibank triggered the recovery we hope you answered the latter.

Money Morning Presents: You expect investment people (like any other salesperson) to talk their books. So most of the time you can take fund managers’ comments on the market with a big heap of salt, particularly if they sound optimistic. But recently, increasing numbers of very respectable people with good track records have been arguing that shares are cheap...

We don’t envy Reserve Bank governor Tito Mboweni one bit. He’s stuck between the proverbial ‘rock’ and ‘hard place’ where interest rates are concerned. If he calls an emergency Monetary Policy Committee meeting and cuts rates by 100 basis points the pundits will scream “it’s not enough!”