Market Update: Flying Too Close To The Sun?by Adam Taggart
The disconnect between the accelerating economic damage caused by covid-19 and the reckless exuberance seen in the stock and bond markets is crazy-making at this point.
Prices have been steadily marching upwards in defiance of the ugly data. And in Big Tech, companies are now more overvalued than they were before the pandemic hit.
How, pray tell, can you even pretend to justify these companies trading near the same prices as they did three months ago — after 30 million Americans have been laid off, GDP is contracting the largest rate in history, and household and corporate budgets are being slashed?