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The consensus last night was universal. Between Biden’s pledge to pour yet another $4 trillion in free money out of thin air onto the oh-so-deserving American public, as well as stellar earnings from the likes of Facebook and Apple, the market was on course to set new lifetime highs in perpetuity. One couldn’t get away from the optimism.
This is a shameless comment-cleaner (I’ll do a real post in a bit), but in honor of the just-deceased Michael Collins, here is a very funny Norm bit that involves the man:
Well, it seems that the markets sure do like what the President is saying during his SOTU – – or at least are embracing the fact that asset inflation is going to continue to run wild. Here we see the small caps (/RTY) roaring higher:
Volume drives markets, right? Maybe not. Just take a good look at this and be amazed at what’s going on with the oldest and largest ETF in the world, the SPY. The volume is (obviously) at the bottom, and you might as well get the paddles out, because I think this patient is dead.
Let’s take a quick survey of this afternoon’s earnings movers — three up, and three down:
