The crack-up is surely coming soon. The market closed today with the strongest monthly gain since January 1987, but why a monthly gain compared to one from that particular year is something to brag about is beyond us.
After all, a few months later in October, the infamous Black Monday meltdown of 23% occurred, and by year end 1987 the S&P 500 was back to where it had started the year, meaning that the two-year gain was a modest 16%. And that was also at a time relatively early in the business expansion cycle (months #47-73) when there was plenty of blue sky ahead.
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