The SALT conference wasn’t necessarily kind to stocks. Since David Tepper started speaking yesterday at roughly 2:30, stocks have gone lower. It must be good to be king. I love the guys that jumped out of their pantyhose with joy a year ago when Tepper went all bullish, but they call him a schmuck now because he gets short term bearish. There’s a street sign named after guys like that…… “One Way”. And those are the guys that always get wrecked in the market.
Today we saw the best weekly jobs # in years. Two things, scrap the weekly jobs number, it’s tedious and retarded. The other thing is that no one cares anymore about this broken jobs game we play. No one is looking, people have dropped out of the workforce. If you want a job that requires you to wear a name tag or a hair net, have at it, that’s whats out there.
Real people are on their sofas mixing shots of liquid plumber and Limoncello. They can’t find a real job.
The tape sucks right now. I was looking at charts of all the indexes and the difference between this pullback and all of the other orderly pullbacks we’ve had over the last couple of years as we trucked higher will be the absence of rebound stocks.
In the past, maybe we pulled back 5% then ripped 8%. Pullback 7% then rip 9%. You always believed in the ability of your momo names to bounce right back We saw this a million times. As an example, a $YELP would pull back $10 bucks but two weeks later rip $20. Ain’t happnin” now.
So if the momentum names are out of commission for the foreseeable future…which names will give us the pop? Where is the juice? They could just drift lower.
The Russell 2000 got oversold today and bounced off support. Will it stick? So far it hasn’t.
The Nazzy I think has room lower before you can have confidence trading it long.
Bonds are getting bought like biotechs were a few months ago. Do you know that Cramer actually said that oligarchs are buying bonds and have maybe moved the space. Sure, those oligarchs have moved yield from 3% to 2.50. They have wood, but not that much. Such silly noise.
Carry on, and long live the oligarchs.
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