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Inter­est­ing­ly, the glob­al bond mar­ket’s val­ue also reached a record high at over $66 tril­lion, mean­ing that $14 tril­lion in glob­al liq­uid­i­ty added since the March crash lows has lift­ed glob­al bond and stock mar­kets by a stun­ning $50 tril­lion ($40 tril­lion or so in stock and $10 tril­lion or so in bonds).

And judg­ing by the smor­gas­bord of strate­gist fore­casts for 2021, there is no stop­ping this surge (until of course, it all goes full Thel­ma-and-Louise and con­fi­dence in glob­al fiat collapses).

JPMor­gan sees the S&P 500 at 4,500 by the end of 2021, which, if 2020 is any­thing to go by, means an addi­tion­al $10 tril­lion in glob­al liq­uid­i­ty will be required to inflate the index’s value…