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It’s Too Early To Fade US Stock Melt-Up, Popular Strategist Says
We're in inning seven of the current equity market melt-up, which is to say it ain't over 'til it's
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Bear in mind that it is only July 17th. So we probably have not seen all of the $115 billion flagged by McElligot from vol control and other systematic buyers along with corporate buyback bids.
This pool of buying will likely dampen the impact if Powell is fired or falls from a hotel window. As long as volatility remains somewhat subdued, the models don’t are about little niceties like Fed independence.
Betting that volatility will ‘remain subdued’ in the event that Powell is fired seems like quite a gamble.
Might depend on who he puts in.