SPDR S&P 500 (SPY)

[imiloa]

re: one or two more earnings with taxes boosts before some reckoning

agreed.
corp debt still at ATHs and still rising.
with consumer disp income dropping.

jobs and wage growth could balance out the latter with time
but there seems no interest in addressing corp debt,
given CEOs openly announcing tax cut savings
going into dividends and buybacks
rather than paying down debt...

unsustainable reality.
and if the FOMC finally puts on their big boy pants
and starts unwinding QE bonds,
that would scare a lot of deep pockets out of markets quickly...