Since last October I've been arguing that the equity selloff had more to do with a "panic attack" than to any serious deterioration in the economy's fundamentals. Waves of worry (e.g., a China economic slowdown, tariff wars, Trump's unpredictability, a weakening Eurozone economy, stumbling emerging market economies, collapsing oil prices, weaker corporate earnings, rising credit spreads, and Fed tightening) converged into a "perfect storm" just before Christmas, causing the S&P 500 to fall almost 20% from its late-September high.
Since then, the "worry headwinds" have abated. Oil prices are up almost 28%. Emerging market economies