Today’s market reaction was resoundingly positive to the Central Banks forming up Voltron this morning to save the markets, the Dow up 490 points. According to Eddy Elfenbein, today was the eighth-best day *following an up day* for the S&P 500 in the last 70 years.
So login right now, stare at your accounts, let the dopamine splash around, and smile (unless you own Netflix or Best Buy still).
I’m not really sure how letting banks borrow more from our already over-levered countries changes things here, but who cares? The nose-bleeding rally from today moves the S&P 500 into the positive return column for the year, which means, I guess, the Santa Claus Rally can continue now.
So, Good Night, and Good Luck.