2022 Projections: S&P 5,250, DJIA 40,000

We were bullish in 2021 and bullishness obviously paid off.  As of the Friday close, the S&P 500 is up more than 25% so far this year.  Meanwhile, a 10-year Treasury Note purchased at the end of 2020 has generated a negative total return, as interest earnings have been more than offset by capital losses.