If you think you’re a financial genius because you bought the rally on March 23rd (the bottom of the COVID crash, and incidentally, the day UK lockdown was announced), then you either arbitraged how Central Banks and Governments were going to press the MAX POWER button to juice the market through QE Infinity (QEI), bailouts and nationalising payrolls, (in which case, well done), or you were just a lucky idiot who bought into all the nonsense hype about an oversold opportunity.

Do you perhaps think the liquidity Central Bank have pumped into the market might be related to recent stock and bond gains? (Clue: Yes.)

· The Fed’s balance sheet has expanded by over $3 trillion since March. Stock Market capitalisation has increased by …. about the same amount. $2.9 trillion. And bond market investors found another $1 trillion to put into the busiest corporate new issue market of all time because they saw it was backstopped by QEI and rates were going lower. Thank you Fed! Full Story