‘V’ for Victory?

(1) The third wave of the pandemic has crested. (2) From a plague to a pest. (3) Stock market isn’t disconnected from economy and earnings. (4) Earnings likely to be flat y/y during Q4. (5) Expecting a 25% increase in 2021 earnings over 2020. (6) Forward revenues and earnings almost back to pre-pandemic levels. (7) Impressive rebound in profit margin. (8) Hot commodity prices confirming V-shaped global recovery. (9) Solid recoveries in global PMIs and leading indicators. (10) Global bull market in stocks driven by upbeat fundamentals. (11) US Growth stocks are highly valued. (12) US Value stocks have about the same forward P/E as overseas stocks.