Nosebleed Markets Ponder Uncertain Year-End In Latest Virus Panic

A long time to wait and a long way down. That's one way to think about the predicament for equities, which are still perched near record highs (and trading on nosebleed multiples in the US), in an environment of extreme uncertainty surrounding the new COVID variant. Needless to say, the selloff on Black Friday is barely visible on a longer-term chart depicting equities' historic, stimulus-fueled surge from the pandemic lows of March 2020. The simplest of simple figures (below) underscores the