As I was under house arrest all through the night (as are all the residents of my pleasant burgh for a ten day stretch), the market kept doing what it does best: go up based on endless stimulus from Fed-bux from thin air. This is what small caps have done since the open on Sunday, under the cloud of national unrest and near-martial law.
The NASDAQ has been a complete monster since March 23rd, although at this particular moment, it doesn’t have the verve of the small caps. It is exceptionally close to the highest price in history.
And, of course, the miserable VIX has been gutted from about 90 to about 25 in the span of ten weeks. We are truly at the “it’s like nothing even happened” stage.
If a time traveler had zipped back to June 2019 and told you in great detail all that would be forthcoming, you might have assumed the glory days of gold at $5,000/ounce would soon be here. No, not really. It’s done pretty well, yes, but in the context of what would seem to be precious metals paradise, it’s fairly lackluster, and modestly prone to some profit-taking.
I am nearly speechless at this point (although, luckily, I can still type). We are watching history unfold around us, although the relationship between reality (the economy, unemployment, politics, civil mayhem) and finance (brrrrrrrr) has never been more divorced.