S&P 500 at 7000 is a valuation test, not a liquidity problem
Valuation test The rebound from last week’s drawdown never quite shook the sense that it was being supported by borrowed conviction. The S&P 500 once again tested near the 7000 level (6986 as the high watermark) and failed, despite a macro backdrop that would normally be interpreted as supportive of risk. Weak retail sales and softer small-business sentiment reinforced…











