It's more complex than that I suspect. But what you state, broadly, is the current conventional wisdom that has been fueling the "reflation" trade. And its largely predicated on the idea that the covid tunnel will be ending soon. And that's probably too optimistic. I could be wrong but the key i-m watching is the USD reversing higher with an increase in 2s&10s bond yields. More immediately, there is a slew of market technical indicators starting to flash real warning signs. One example is that the Put/Call ratio is at historic lows in an overheated market. Don't know when this happens but I suspect February will be rough (its seasonality sucks also), so I am beginning to take profits and keep my trade durations on a tight leash. In fact, the best thing working is day trading large short squeezes. Noone's ever seen this magnitude and raw number of them. Which is another indication somethings really getting whacky. Also, by Feb the big cap earnings reports will be done with...leaving the smaller end of the market remaining to roll out to probably disappointing results as that's where the covid recession is happening. Coupled with Buyer exhaustion and possible Fed jawboning...could be catalysts for a correction. Sideways correction would be good but conditions are too extreme for that so i suspect a fast violent move is more likely. Followed by more stimulus and Fed action to pump markets back up again. That's my thinking anyway.