The Fastest (Fake) Bull Market In History, Part 1

In the fastest bull market in history, the S&P 500 doubled from its pandemic lows. As Lance Roberts cogently noted this AM:

The broad equity benchmark has rallied 100% from its Covid trough of 2,237 on March 23, 2020 on a closing basis. It took the market 354 trading days to get there, marking the fastest bull-market doubling off a bottom since World War II…..

Of course, the rally from the pandemic lows is about nothing more than the number $4.031 trillion. That’s the gain in the Fed’s balance sheet during the same period (from $4.312 trillion to $8.342 trillion), and it amounts to $11.4 billion for each an every day the market was open since March 23, 2020.