FED balance sheet expansion 4.0 started in Sept with REPO, and not publicly addressed until November. $SPX was approx 2950 with a balance sheet of 3.8T. SPX is now 8.3% higher and the balance sheet has expanded to 7.1T 86% higher. I simply ask, who is trapped? $SPY $ES https://t.co/Ye7023qqZI