Citigroup Q&A:
1. Is This Bear Market Done? — Not yet. The central bank bid has won out in recent

weeks, but we suspect that profit concerns have not yet been seen off

completely.

2. Can Valuations Help? — Not really. CAPEs smooth out extreme EPS volatility, but they have been very inconsistent in calling the bottom of previous bear markets.

3. What Indicators Are You Watching? — We would like to see PMIs rising, infection rates rolling over, rising net earnings revisions and falling credit spreads.

4. What Will The Recovery Trade Look Like? — Recovery trades are always V-shaped and led by cyclical stocks.

5. What Is Bear Market Checklist Saying? — The BMC is not a market timing tool. It has already made its call about this sell-off. It wants to buy the dip because, unlike in 2000 and 2007, it didn’t see much froth at the recent peak