Today's payroll and unemployment numbers are being interpreted to mean that the economy is not going in to a recession and that the Fed will not need to cut interest rates further. The dollar is strengthening, interest rates are rising and, the stock market is going up. Yes, the stock market is going up.
I'm very pleased to me making money and very pleased that our economy is strong, but something just isn't coming together here.
Isn't this the same market that has rallied since the Fed's last move on the expectation that the Fed will need to reduce rates drastically to stimulate the economy and to ward off a recession? Wasn't the market moving higher on expectations for further move? Wasn't everyone saying don't fight the Fed?
This is the kind of hypocritical herd behavior that makes no sense. While it works in a rising market, it will drive you mad in a falling environment.
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