I thought we would see a sizable decline today but I was wrong. Instead, bulls ignore whatever the risk that may be coming and just want to push up. So during the day, SPX had not only recouped what was lost initially, it even made new highs at some point! Amazing and impressive! Yes, we still saw a red closing with SPX declining by 6 points but it is much better than the early reaction to the hot NFP. The next test will be the FOMC next Wed. Can the market keep the momentum or will start to plunge after Powell starts to talk? We have to wait an see.
An Optimistic Bunch
While sufficient data suggests that economic growth rates are weakening, investors are again chasing assets with near reckless abandon. For example, investor allocations to equities are rising sharply as chasing asset market returns displaces logic and underlying fundamentals.
-- Lance Roberts
Now the fun part: Billionaires are fed up!
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