Best week since April!
We're up 2.5% this week and sure, it's a low-volume rally based on Powell's promises that inflation isn't real and there's plenty of free money backed by Biden saying the Government will print even more money and nobody seems to think debt matters anymore so PARTY!!! “That also reassures the market that the Fed will not be overly hawkish in their tightening policy,” said Peter van der Welle, a strategist at Robeco. At the same time, “the infrastructure deal also portrays that the fiscal thrust is still very much with us,” he added.
Of course, the Dow still isn't back to the May/June highs but an optimist would say that means we have 1,000 points more to climb and who isn't a market optimist these days? The S&P 500 is at new highs (4,260) and the Nasdaq is testing 14,400 and the Russell is almost back to 2,375, where it was in March, when we were being promised $2.2Tn in Infrastrucuture. So now we're getting $1Tn – that's just as good, right?
Any excuse for a low-volume rally and Gasoline (/RB) is back at decade highs – even though we're using substantially less of it. What differecne does that make? Consumers have money and our Corporate Masters have all the data they need to figure out the best way to squeeze it out of you. They know what buttons to push and when to push them, don't they?
And what could possibly go wrong, just check out the headlines from the Corporate Media (WSJ front page):
- Stock Futures Point to Best Week Since April for S&P 500
- Consumers Are Back Out Spending, Driving the Recovery
- Biden, Senators Agree to $1 Trillion Infrastructure Plan
- Fed Gives Big Banks Clean Bill of Health in Latest Stress Test
- The Economic Recovery Is Here. It’s Unlike Anything You’ve Seen.Unlike Anything You’ve Seen.
Wow, all this great news makes me want to run out and buy stocks before the Nasdaq hits 30,000!