And the markets go up

[ProfessorGAC]

3. It's Still Within Equilibrium Range

I know we have terrible UE, but literally 78% of the consumer economy & all of the other 22% has been in full operation.
The virus triggered a correction, and long term holders took their 8 year yields, so it overcorrected.
It's inching it's way back toward where it should have been.
There was never an overall microeconomic rationale for a Dow at >29k.
24-26,000 would have been more in line.
All that said, I think there is some casino thinking going on and the Dow, S&P, and Russell seem overvalued by 5 - 7%.
A renewal of the CV concerns due to carelessness and the gatherings all over the country will trigger another correction. I hope I'm wrong and we don't have a wave of deaths, but if it does, we'll be posting about all the red numbers.