Traders work on the floor of the New York Stock Exchange.
The market is behaving as if it sees quite clearly how 2021 will turn out: Vaccines arrive, jets refill the skies, the economy revives, corporate profits snap higher, all while the Federal Reserve stays out of the way and maximally easy.
And in recent weeks, Wall Street has become quite persuasive in telling this tale. The most economically sensitive parts of the market are accelerating skyward, credit markets are drum tight, the tape is inured to bad Covid news and investors are ardently (too ardently?) throwing money at