Call it the summer of discontent. A weary America, still reeling from protests and economic lockdowns, is bitterly divided over the nation’s political future as well as the economic outlook. Many see no other outcome than economic depression following the lockdowns and believe the stock market has become disconnected from reality. But the old Wall Street bromide, “The tape tells all,” is instructive and shouldn’t be ignored. As I’ll argue here, the tape’s message confirms the bull’s continuance and points emphatically to an impressive economic resurgence in the coming months.
Few investors believed the stock