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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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From: ajtj991/7/2021 6:04:02 PM
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Recommended By
Lee Lichterman III
The Ox

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Markets are doing well to ignore all of this 25th Amendment, impeachment, and Senate trial stuff.

None of that is going to happen. Transfer of power is in 13-days. It appears that cooler heads are prevailing this week.

The only thing left is the Oprah pardon fest - You get a pardon! You get a pardon! You get a pardon! You get a pardon! I get a pardon!

The expression, "pardon me", is going to have an entirely new meaning this year.

Regardless, the market will look forward. 2022 earnings are estimated at $200 for the S&P 500. With a 2% inflation rate, at 3804 SPX, the S&P 500 is nearly 6% overvalued by Rule of 20 FY 2022 forward earnings. However, I suspect we will get more overvalued in the first quarter of this year as fiscal stimulus, direct cash to individuals, and loose monetary policy combine in a perfect storm to push up equity valuations to unsustainable levels.

In some ways, it's like 1999 again, and folks have come to party.
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