Despite the worst economic backdrop since the Great Depression, stocks have held up reasonably well. Very few investment categories offer a good alternative. Cash is paying next to nothing and bond yields are at historic lows. You could invest in gold and silver and some high-flying tech stocks but buying these after such an increase could prove risky.

The state plans rolling blackouts to deal with a heatwave that has pushed the power grid to the limit. California has vastly expanded the capacity of solar power. The drawbacks have been evident in the past week as temperatures soared daily above 100°F (38°C) and air-conditioner use leapt in the late afternoon and early evening, just as the sun set.