JEPI - Technically Speaking: Charting 2020 - A Year Of Speculative Mania

• As the year end of 2020 approaches, there are signs everywhere the markets have reached a "mania" phase. "Retail investors" are more confident than ever before, and options traders are exceedingly confident the market will not crash.
• While the stock market rout was vicious, it was the blowout in credit spreads that worried the Federal Reserve the most.
• The question will come down to whether economic growth and, ultimately, corporate profitability will be strong enough to catch up with the market's exuberance. When disconnects between market participants and the underlying economy occur, a reversion ensues.

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