Up and up we go.
It is really wonderful that the Nasdaq has truly doubled off the March lows and it solely fell 30% in March so we’re up virtually 50% from our pre-pandemic ranges and was Trump actually that unhealthy for the financial system that his insurance policies had been holding the market again from a 50% acquire on the time?
A lot as I disliked Trump and his insurance policies, no, they weren’t chargeable for our “poor” market efficiency. The Nasdaq was round 5,000 when he took workplace in 2017 – again to the place it had peaked out in early 2000 – and Trump’s tax cuts and low charges and weak Greenback rammed us up 140% greater by the point he left workplace to simply below 12,000. We had been again to 7,000 final March on virus fears and now it seems the virus should have been nice for the financial system as we’re as much as 14,000 – with Biden including 2,000 extra factors (16.66%) in simply two months of presidenting.
Will we ever see a prime to this market or will it simply hold going and going? CNBC had Tom Lee on yesterday and he predicts a “face-ripper rally” in April – as if 8% per 30 days is a sluggish begin to the yr. “I feel there’s a stage of shock coming in April as a result of we already had a robust end starting Wednesday of final week. It’s actually three days of sturdy rallies and historical past exhibits that is actually constructing as much as be what might be a, doubtlessly, S&P 4,200 earlier than the top of the month,” Lee stated.
Properly, 4,200 is simply up 5% for the month, so it is truly slowing and never ripping any faces that I can see nevertheless it makes a very good headline and sound-bytes are what matter, proper? In the meantime, all the inventory market rally is nothing in comparison with the explosion in Crypto