Lol, I think Covid is going to be in the rear-view very soon, but the damage created from this unprecedented shut down, will not. UE will remain high for a long time, demand will be reduced for a long time, and the sea of defaults coming, well, it’s going to be bad.
That said, SPY will not respond to the reality of things, and I think we have a little time of euphoria , before the news of the financial crisis ( which has already started) , hits hard and fast.
You are old and sexy enough to remember 2008. All was well, even though many reports of defaults were present, until in just one weekend, it was not. Defaults can be known, and the market seems to ignore, but once those defaults start becoming systematic and financial institutions are affected ( which we don’t hear about until the damage is catastrophic) , then... All hell breaks loose.
Financial institutions tend to suppress the data as long as they can, because of their share holders, IMO.
And, this is why the news of financial crisis doesn’t tend to come until the storm is upon us.
It’s going to take time for the consumer defaults to start causing real reported damage.
Take heed of Jamie Dimon’s words though; he just told everyone what’s coming, and true to form, the market ignored it.
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