He said many buyers were speculators who sold short in expectation of a further decline but were forced to buy back their stock when the market began rising.
The market already has built-in expectations of a further quarter-point increase.
The city centre, suddenly the subject of blanket media coverage in the expectation of further rioting, had closed down early and people were battening down the hatches.
But another group will take up the management board's offer and buy more shares at a cheap price - most in the expectation of further gains and decent dividend payments.
Some bullish analysts have argued that recent falls in bond yields and the expectation of further falls in interest rates justify higher share valuations.
He explains why the FTSE 100 is down over 1%: A combination of factors has caused markets to squirm, including the contraction in Chinese growth last week and the expectation of further cuts in the FOMC's debt-purchasing scheme later this week.
There is "no expectation of further improvements in the shorter term," the letter said, suggesting that it would not pay for care that would not result in his getting better anytime soon.
However, now that interest rates have hit a historical low, with not much expectation of further movements in the short-term, lenders have moved their attention onto fixed-rate products.
