Bull and Bear, Immovable Object meets Irresistible Force. Which will win out?

Charlie Bilello is one of the many great commentators who collate data and give analysis to us for free. He has collected together some recent data which shows just how enormous the C-19 disruption has been over the last month or two. We’ve all seen many charts like this, and we all know that

“when liquidity is abundant markets will find an excuse to rally. When liquidity is scarce markets will find an excuse to sell off. Thats all you need to know.” — @hks55 on Twitter

but the extent to which markets laugh in the face of fundamentals is still staggering, even to me. Especially as the main beneficiaries of liquidity abundance are fraud stocks like TSLA, BABA, GSX etc. (I get it — they are operationally geared.)