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80’s Market?

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Tale of Two Tapes: Recovery Data v Bubble Forecasts

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Retail Sales Accelerate

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Mobility Trends Reach Pre-COVID Levels

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NBER Says Recession Started in February….Data Contradicts

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Emp +3,839,000/Vehicle SAAR Rebounds To 12.2M Pace

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S&P Intrinsic Value Update

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Oil Situation

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Still Flowing

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Data Continues To Rebound

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Improvement Continues

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Oil Market Rationalizes Economic Activity

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FAANG Still Leading

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Gas Inventories/ Refinery Inputs Show An Economy Growing Again

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S&P 500 Intrinsic Value Update