100 Days

Credit Suisse Fixed Income Group developed the chart below showing the performance within the first 100 days after  a market puts in a major trough.  In bold  black is the current rally.

Obviously it’s all pretty good.  But my big question is what makes the low in March 2009 a “major trough” and not the lows that were made in November 2008, July 2008, and etc.. ?

Source:

The First 100 Days
Jonathan Wilmot, James Sweeney, Matthias Klein
Credit Suisse, Fixed Income Research, 26 March 2009

http://www.credit-suisse.com/researchandanalytics