I was on Yahoo Finance this morning discussing why I remain bullish on US stocks

1. Fed & Treasury have stabilized capital markets

- They have eliminated bankruptcy risk for much of the S&P 500

- Bond Buying Program relieved global dollar liquidity shortage

- Also freed up capital to support risk assets

2. Combination with Fiscal Policy for first time in my life

- PPP Program, Direct Checks, Enhanced unemployment, have all worked tremendously, far beyond expectations 

- The result of #1 & #2 have ballooned Money Supply by 25% since March

- Stocks normally do well with expanding liquidity, and when I say normally I mean 11 out of 10 times

3. US Economy in a V shaped recovery

- Continuing claims had a 844k drop this week, which was a massive suprise

- This has happened far quicker than anyone could have imagined 

- Yesterday’s ISM services number great example, new Orders sub component hit highest level ever

- The rate of change may decelerate, but its not stopping 

4. Earnings Estimates are rising

- Analysts are always, always too bullish heading into earnings quarters

- Estimates always come down regardless of market or economic cycles

- This quarter – peak irony – is somehow the exception with estimates inching up 2.4%

- Estimates for Q1 2021 for S&P are for 13%+ earnings growth

- Q2 & Q3 2021 maybe the highest quarterly earnings growth - ever