The current drawdown in the stock market may not appear like much when looking at a monthly chart, however when comparing to the money supply it tells a different story. From the peak of the dot com bubble the entire market is still down significantly when adjusted for all the money printing the fed has done.
The current drawdown in the Nasdaq may not appear like much when looking at a monthly chart for example, however when comparing to the money supply it tells a different story. Compared to M2 we are at the same level seen in early 2020, however compared to M1 we are at levels not seen since 1991.
