The scary drop down to 5,119 for the S&P 500 (SPY) in early August was quite the wake up call for investors. Gladly, they answered that call with a near non-stop rally back to Thursday’s close of 5,543.
Everything about this rally feels like righting past wrongs. As in there was no real need for stocks to correct that much in the first place. This compelled investors to rush back into the market in true FOMO fashion.
