Sputnik V

(1) Discounting lots of good news through the end of next year. (2) Raising S&P 500 year-end targets: 3500 this year and 3800 next year. (3) Hard to predict upside in meltups. (4) March 23 was Don’t Fight the Fed Day. (5) MMT + TINA = MAMU. (6) S&P 500 forward revenues and forward earnings on recovery road. (7) Putin’s Sputnik V moment. (8) Russian vaccine news depresses FANGMANT stocks, gold, and bond prices but boosts bank stocks. (9) Credit markets also benefitting from Fed’s QE4Ever. (10) Liquidity vs solvency. (11) More delinquencies, defaults, and bankruptcies are ahead. (12) Energy and retailing industries remain especially troubled.