60% of the businesses in the country closed permanently this year! I don't see that sort of devastation reflected at all in the markets. Stimulus payments and the $600 a week unemployment bonuses gave the economy a lifeline but those are all spent and gone, Out side of a few select industries earnings are going to continue to suffer quarter after quarter. It will be very surprising to me if we don't see a significant correction on the markets to reflect the new economic condition.
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Agreed and today's drop played right into it. Nice little descending channel for the S&P 500, long overdue as the rally this summer got way overblown.