Ann: Business Update, page-19

I didn't say it was a good indicator for the economy right now, i said it's a good forecaster. Look back at any major crash, the economy was always in the toilet while the market recovered .. and months or sometimes even years later the economy started to catch up.

If you were in the market during the GFC you'd remember how bad everything looked when the market bottomed and there was nothing particularly rosy about the outlook for quite some time after the market bottom. This time, we bottomed when the lock downs were put in place and everyone thought the world was ending ... of course the market saw the lock down as the thing that would control the virus and eventually let the economy recover