One year ago – where were you? Doing cool zoom backgrounds. Stacking a pile of books to act as your at home standing desk. Home schooling!! Trying to understand what a VIX of 80 means?
We were all trying to get a handle on just what the new normal would be, and if our economies were really going to be shut down, and a little scared not just for our investments, but for our lives. But the ‘waters receded’, to quote fake president Morgan Freeman from Deep Impact:
It was March 23rd 2020 – and there didn’t seem to be an end in sight…. Unless you were Mr. (or Mrs.) Market. The S&P bottomed that day, and soon it was rally mode across stocks, commodities, and bond rates (surprisingly). Just how far have we come from one year ago… Here’s the damage joy across the major markets (and one fun one, Gamestop) we track:
Sources: Commodity markets = barcharts.com ‘cash’ contract, Stock indices = Yahoo Finance, Bond yields, Home prices = FRED, Bitcoin = coinbase.com
Highlights include Bitcoin returning to glory. The aforementioned Gamestop moving into ludicrous territory. Energy markets on fire. Lumber putting up close to 200% – out of nowhere. The Russell dominating the Nasdaq for the first time in a loooong time. The VIX surprisingly not down 80%. And Gold sort of doing a ho hum – nothing to see here amidst trillions in stimulus.
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