This was a great week for capitalists!
Our chart of the week is the +14.6% squeeze rally in the S&P500 (from the intraday Tuesday low of 845 to Friday’s closing high of 968). The “I am going to cash” crowd’s call to arms looks a little late now. The US market has closed UP, on a week over week basis, in 2 of the last 3 weeks.
This was a great week for America’s new capitalists –being liquid and long trumps being levered with debt.