To isolate this market into any box that resembles any correlation to the past is folly to the highest degree.
In fact, since the very beginning of this rally, attempting to extrapolate any future results from the past has only been an exercise that would end in disappointment.
Two once in a generation events made historical comparisons irrelevant from March onward:
- A once in a generation virus
- A once in a generation reaction by governments worldwide, involving both fiscal and monetary stimulus
The situation has only been exacerbated by the realization that the data relied upon to make sure decisions may have been flawed from the outset.
Where does that leave the markets? With record stimulus that is impossible to take back without inflation that can only be cultivated via an increase in asset prices.
And there you have it: The thesis for being bullish since the March lows and continuing to be bullish past the elections in one single sentence.
Enjoy your evening.
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