Fri, 31 July - BIG EARNINGS, page-69

Yeah, anything is possible..

I have written B4 about the bond situation..

The 10 yr is now plumbing March low's....Equity markets are kinda in denial still..

It staggers me that market participants can think (on aggregate) that the US economy can contact 8 % in a single qtr, and that there will be no long term damage?!? That equities somehow deserve the same valuation as 6-12 months ago, when everything was well???

Its madness.

My take is that retail is propping up markets, at the margin. Along with the skew to the big 5 that have benefited from lock downs/online.

Bond markets on the other hand, are signalling what is really happening. My thesis is that here is little to no retail/robin hood traders in the bond markets......