Welcome to the L Shaped Recovery...

Nielsen analysis is saying that its unlikely that any significant recovery will occur until more people get back to work. Until then as opposed to a V shaped recovery (steep increases in confidence etc) we will get the L shaped recovery.

And its not even an issue of lack of credit anymore. Nielsen believes that credit is available - but its at such a price that no-one is interested - or has the confidence to borrow.

And simultaneously, earnings reports remain strong, and financial services are back in the black in a big way...

It all seems to be out of balance...