Good Tuesday morning. In yesterday’s Letter we explained why Moody’s downgrade of US debt would be a non-event (short-medium term) for the market and another buying opportunity, but even we were surprised by how minor the pause was. The markets came roaring back from 1% to 1.5% losses to close higher across the board. Textbook bull market action. As the markets are concerned, it’s never the news that matters but instead the markets reaction to it.

And who was behind this latest “buy the dip” move higher? Surprise surprise, it was (once again) retail investors…AKA this era’s Mrs. Watanabes...as retail investors bought $4.1 billion of US Stocks during the first 3 hours of today's trading sessions, the most in history according to JP Morgan. The seemingly coordinated buying pressure from retail Investors is the single most important story of this V-shaped recovery (from the 4/7 lows). Millennials are running the show now…a financial and economic event that’s still in its infancy.

...