Is Prince singing 1999 again?

1. Does anyone else feel that this market looks and feels a lot like 1999?

Source: The Daily Shot, from 8/21/20

2. The main difference has been the speed…the faster pace down and the fastest recovery…ever….

Source: The Daily Shot, from 8/21/20

3. Despite slight moderation last month, the Philly Fed is still showing manufacturing ahead of pre-pandemic activity levels…

Source: The Daily Shot, from 8/21/20

4. As the markets digest recent gains a bit, what does the historic picture look like in election years?

Source: The Daily Shot, from 8/20/20

5…And an even longer viewpoint. In particular, will bond yields come back to the 4-5% historic inflection point?

Source: The Daily Shot, from 8/20/20

6. Understandably, the Covid shutdowns are causing bond downgrades across the credit spectrum. Despite the surge in fallen angels (BBB to junk status), BBB is still growing…

Source: The Daily Shot, from 8/20/20

7. Duration has also been increasing. Extremely low rates, increased credit and duration risk, and investors are still pouring money into bonds. What could possibly go wrong?

Source: The Daily Shot, from 8/20/20

8. If yields follow the ISM (old PMI), then bonds are in for a serious correction. Yet the Fed, with trillions of buying capability, has stated they want rates at these levels through 2022. Who will win?

Source: The Daily Shot, from 8/20/20

9. Is one round of stimulus all we are going to get?

Source: The Daily Shot, from 8/20/20

10. Apple has gone parabolic. Historically, parabola up, parabola down. We shall see…

Source: The Daily Shot, from 8/20/20