Kinda lookin like we're back on track, and the other indices (SPX and NDX) suggest as much even moreso.
Assuming I've not succumb to irrational pollyannaism, my reading is there was a euphoric overvaluation during tax-cut anticipation starting around Sept 2017, and that overvaluation was exposed as such when the market encountered worries that would normally not matter so much. Investors had so overextended themselves they hyper-quickly pulled back investments at the least sign of worry. An interesting phenomenon during this turbulent period is how, be it inflation, interest rates or trade-war worries, the first onset of worry induced a large response, but each new wave of headlines on those issues produced progressively lesser responses up to the point that today, trade-war sabers were rattling at an all time high and yet the market rocketed upwards, showing a complete non-response (deafness) to what only weeks ago induced near panic.
Assuming I've not succumb to irrational pollyannaism, my reading is there was a euphoric overvaluation during tax-cut anticipation starting around Sept 2017, and that overvaluation was exposed as such when the market encountered worries that would normally not matter so much. Investors had so overextended themselves they hyper-quickly pulled back investments at the least sign of worry. An interesting phenomenon during this turbulent period is how, be it inflation, interest rates or trade-war worries, the first onset of worry induced a large response, but each new wave of headlines on those issues produced progressively lesser responses up to the point that today, trade-war sabers were rattling at an all time high and yet the market rocketed upwards, showing a complete non-response (deafness) to what only weeks ago induced near panic.