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Re:Boeing, expecting a long slump, will cut 16k jobs by jquery on Wednesday April 29, 2020 @02:31PM (#23022525)
Short answer: fantastic ERs in Q3 and Q4. Spy is still 60-70 points down from its woulda-coulda place had covid not happened.

Also: trillions in new spending causing asset inflation further lowering SPY below its price it would have if such spending happened without covid.

Third reason: SPY yields are still above treasury (risk free) yields... significantly.

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