This past week the rally in equities continued as the SPY touched fresh all-time highs and the DIA joined the party closing at new all-time highs on Friday.
This coming week the QQQ’s appear poised to set all-time highs and the IWM is now the odd index out trailing far behind.
The fear of additional fallout from the Archegos saga appears to now be in the rearview mirror as the markets rallied once again on the backs of broken trades and traders.
With the overwhelming strength across so many asset classes, anyone who is calling for a market top has to check their assumptions because the market has been shrugging off any weakness and with an accommodative Fed and continued fiscal spend, we could see another leg higher.
With that as a backdrop here’s some food for thought in this week’s video: