S&P now only 8% down from the peak, up nearly 40% from the bottom

[progree]

3. Hopefully investors will be able to swallow vastly higher P/E ratios than those before the crisis

when 2nd quarter earnings come out. The P/E ratios were already way high by historic standards. Likewise the market cap to GDP ratio. And that while the stock market may have made a nearly V shaped recovery so far, the actual economy -- and earnings -- will be much slower to recover and will take years to reach their Q4 2019 level.

Along with a wave of corporate and municipal bankruptcies, and vast cutbacks in state and local spending.

Minnesota's $1.5 billion budget surplus turned into a $2.4 billion deficit almost overnight. The $2.4 billion deficit will soon be seen as "the good ol' days".

And when the endless supply of stimulus spending and federal reserve lending $trillions to corporations -- what sent the market back up -- eventually and inevitably starts winding down.

It ain't over yet.