Summary

• The SpaceX IPO isn’t a macro signal. The float is too small to meaningfully distort liquidity or sentiment.
• The more consequential driver of markets remains policy, not rockets. Markets are more likely to fear central banks making the wrong move.
• The conditions that matter the most in my view still point toward a continuation of market performance rather than a reversal.

By Brian Levitt

We’re going to the moon and Mars!

Markets entered last week with eyes fixed on the SpaceX (SPCX) initial public offering (IPO), but the feared “market disruption” never materialized. It was always an overstated fear to