Summary

- S&P 500 closes at another all-time high of 4,369.55, up from 4,352.34 last week. The DJIA closed slightly below the 52 week high it hit in May, and the Nasdaq sat similarly.

- The path to all-time highs was marked by volatility and a major "growth-scare" on Thursday that saw the 10-YR Treasury briefly trade below its 200-day moving average.

- While there are many genuine risks to the market, we suspect that yesterday may have been the height of the Growth fears, and the market could be well-positioned for a leg-up.

- Equity markets are robust from several standpoints. 1H2021 saw more equity inflows than the previous 20 years.

The S&P 500 finished the week very strong after a scary and meandering path that saw the resurgence of significant growth fears, probably mainly due to the continuing rise of the Delta variant and the overall slow pace of vaccinations outside of the US, UK, and Israel. Thursday was a scary day, and a few weeks ago, you didn't have many people thinking that they would see the 10-YR around a buck and a quarter, but that's what happened. Perhaps the only consistent thing to expect in this topsy turvy world is the unexpected.

In a sign of confidence from a critical Epicenter bellwether, Carnival Corporation, the company w...

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