Four horsemen of January apocalypse unsaddled

THE S&P 500 is now up four weeks in a row. While the memory of the post-Davos panic is receding for some people, it has been particularly painful for others.

It was painful on both sides. The long side that got cleaned out by the panic selling and in many cases were forced to join in are hurting. But so are many of the short-sellers who were shouting loudest in early February about "risk assets" and the implosion of China.

All the negative China trades have since reversed, in many cases quite aggressively, with the appearance of relatively minimal buying.