Amusing stocks discount nothing then take off

To the moon!  As the global pandemic worsens by the hour, stocks have had enough of discouting any harm whatsoever to earnings and it’s back to the moon, up 5% at the close:

In one night the S&P added another point to its absurd 18x forward earnings. The charts speak for themselves:

What do equaties think is going to happen as the virus spreads in the US?

The truth is, nobody is doing any thinking all. This is the classic selling and buying of a bursting bubble and incipient bear market:

Just find a spot on a beach somewhere and wait.

David Llewellyn-Smith
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