Legends Of The Summer: 2021 Edition

Legends Of The Summer: 2021 Edition

US equities are coming off their worst week since June and the fourth-worst week of the year. In fact, stocks will open the new week riding a five-session losing streak (figure below). Out of context, that sounds bad. But in 2021, the fourth-worst week of the year for the S&P amounted to little more than a paper cut. Last week's "dramatic" losses came to 1.7%. At this point, measuring from the pandemic panic lows no longer makes much sense. The gains are so large as to render any "analy
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