Seriously? – As Johnny Mac would say, you cannot be serious. Well if you haven’t been paying attention, in 2020, anything and everything is possible (see today’s Meme for further proof). Equities went higher than the fireworks that colored the sky over the weekend. Reason? A not so subtle headline out of China suggesting a bull market is more important than anything is one. Essentially another euphemism for stimulus, again foregoing any genuine fundamental reasons to be buying/chasing. There is the expectation of a 5th fiscal bill in the weeks to come and QE could be ramped even further at the September meeting so…if it ain’t broke..? Low volumes will result in exacerbated moves and data suggesting outflows from money markets suggests some of that sidelined cash is coming in to fill that summer vacuum. Put it all together and indices are looking to carry on from last week’s momentum.
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