Bears are rapidly losing the will to live, underinvested bulls are desperately waiting for a dip, any dip, to emerge to buy and the most complacent are rewarded with handsome gains. Welcome to every bubble.
It must be acknowledged that the Fed with its capitulation has once again created a TINA (there is no alternative) chase into risk assets that is as unrelenting as it is becoming a story of the gaps, not only in the price action, but also in narratives.
Lowest unemployment claims in 50 years, 3.8% unemployment and $JPM reports record earnings with Jamie Dimon, $JPM’s CEO, declaring everything is wonderful and $SPX closed Friday a mere 1.1% off of the all time human
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