When it comes to market euphoria, what can we say here that we haven't already said countless time in the past two months:
Well, there is maybe one thing we can add.
In late February, when looking at the latest Citi Panic/Euphoria index we noted that it is now "off the chart" and - to paraphrase a certain movie - Citi would soon need a bigger chart.
That's precisely what happened, because in Citi's latest Panic/Euphoria index as of Feb 12, the chart has indeed gotten bigger - literally - with the upper index bound on the Y-axis increasing from 1.80 To 2.10.
We expect this to keep increasing for quite some time - especially with hundreds of billions more in "stimmies" coming in, as DB's Jim Reid previewed earlier today...
The upcoming stimulus checks may find their way into equity markets so if there is a bubble it may inflate more first before any correction.
... before the euphoria - and stocks - finally breaks.