The melt-up discussed last week remains in full force, with the S&P 500 hitting a new intraday all-time high on Wednesday.
Just to make sure we’re all clear on this: stocks are back to their highest prices BEFORE the coronavirus pandemic exploded. Before Q2 GDP plummeted -33% in the US. Before 50+ million Americans lost their jobs.
Thanks to the $trillions shoved into the system by both central banks and national legislatures since April, “investors” now believe the markets are a 1-way ride to forever-increasing wealth.
As the chart below from the National Association of Active Investment Managers shows, financial advisory firms that manage client capital are more fully-invested in the markets than at any other time in the past several years:
So everyone in “all-in” on the belief that the markets are both fully backstopped and rising higher from here.
by mki-2-2 
