Well, it’s not bad news that is: ‘Stocks were winding down the second quarter in muted fashion on Monday, marking some modest gains but remaining not far from bear-market levels. Oil futures flattened after an overnight rally.’

Major market indexes were moving in a narrow range in midday trading after a jolting two-day selloff last week. The Dow Jones Industrial Average, which is on track to post its worst June performance since 1930, was recently higher by roughly 55 points.

As of 1PM ET, the market is up 68 points; it’s minor, but significant at the same time. Perhaps the American stock market has hit rock bottom.

Or not.

European markets are, meanwhile, still struggling.

My impression is that today is an exception; it seems to me that the economic worries are not over yet and that, as a result, stock markets will suffer as well.

It also has to be kept in mind that the price of oil is likely to rise in the coming months, which impacts inflation, which means that interest rates have to be reasonably high, which will in turn discourage investments, and so on, and so on.