via JP Morgan Asset Management’s just-released Q3 Guide to Markets, this gem of a chart shows you exactly what’s driving the S&P 500 to within a Trump’s hair of record highs: Fear.
I know, so weird to say that out loud, but hear me out:
I’ve read every major book about market history ever written, and I’m racking my brain to come up with another example of this, but I can’t. We may be witnessing the first-ever bull market in stocks driven predominantly by fear of stocks.
What a time to be alive!
For more on this topic, check out my appearance on Hard Pass, the new podcast from Josh Barro and Linette Lopez. Full audio stream here.