"What's really taken most people by surprise is that if anybody said to you in March, 'Hey we're going to have a year where really most businesses are working at not-full capacity, most restaurants may not even be open, people aren't going to the office, and oh yeah, by the way, we'll hit all-time highs,' people would have thought you were nuts," said JJ Kinahan, chief market strategist at TD Ameritrade.

"It's been amazing."

A $15 trillion rise in global liquidity helped to lift global stocks off those March lows, and continue to inflate asset prices everywhere...

Which sent "Extreme" greed to "Extremer" greed...

Critically, if one really believes that stocks soared on fundamentals in November, then why did global bond yields tumble?! (NOTE - that is the lowest bond yield since August)

And as global stocks and bonds rallied, the dollar was battered to its 2nd worst month in almost 3 years (and down 7 of the last 8 months) to its weakest against its fiat peers since April 2018 (and unchanged since Jan 2015)...