Maybe this 22 times trailing earnings, highly leveraged market rallied in anticipation of more bailouts... errr, I mean stimulus.... announced this weekend. We can't expect companies to behave responsibly by saving for a rainy day, after all. That would detract from their ability to buyback stock at bubble valuations and have a negative net tangible book value balance sheet. $SPY, SPDR S&P 500 / H1 Nope, time for all those rugged capitalists on Wall Street to come cup in hand for bailouts and stimulus from the government. I heard one guy called for a $1T fiscal stimulus plan to combat the virus. Yes, that's right - the U.S. government that was running $1T deficits before this crisis hit, is now supposed to double that to bail out Wall Street... err... the economy. Then there are the calls for the Fed to start buying other assets (presumably to include stocks). And this after the S&P 500 is barely below 10% from all-time bubble highs. Can you imagine what the "rugged capitalists" will be calling for if it goes down 20% into a bear market?via alpha user. $VXX, iPath Series B S&P 500 VIX Short-Term Futures ETN / H1