The lesson of the day for Jimmy Kunstler and the other geezers worried they'll be unduly stripped of their clown prince, is "pyrrhic victory": a victory that comes at a cost so great that it's tantamount to devastating loss. In reality, they got exactly what they deserve: Historically colossal humiliation.
The draft-dodger-in-chief, who is a disgrace to humanity, never mind a political party is out now saying that he would have run into the Florida school without a weapon to save the day:
Since the February crash three weeks ago, on the subsequent rally, the imbalances that I discussed previously - both within the stock market and between the stock and bond market, have only grown far more imbalanced.
Why? Because the Nasdaq 100 just took back three months of gains in two weeks, while the equal weight S&P 500 is still -4% below its high.
FOMO on steroids
Here we see the Nasdaq 100 (large cap Tech) relative to the equal weight S&P 500:
The stock / bond ratio has grown more extreme, despite the fact that cash (1 year t-bond) is now yielding more than the S&P...