Record Investor Euphoria Is Now Literally Off The Chart

And this chart is only through November: one can only imagine that we will need a bigger chart for the December print here too.

In summary, JPM concludes that the record euphoria is due to "the liquidity force" - i.e., central banks and the latest round of fiscal stimulus - which "appears to be reverberating once again in an intense manner via retail investors, in a repeat of Q2 of last year. Given  the anticipation of further fiscal support (e.g. additional US stimulus checks of $1400 to get to the original proposal of $2000), this force is likely to be sustained over the coming weeks."

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