You may be wondering what all the yelling and screaming is about going on outside your window……….
It turns out that equity bulls have taken to the streets in furious protest that stocks are actually falling based on………brace yourselves………..actual economic data.
Nothing to do with tweets. Nothing to do with trade talk optimism. Just cold, hard data showing that the United States is plunging right back into a recession (as if we ever really emerged from it in the first place). Stocks wasted no time in expressing their displeasure.
And bonds, which had been getting battered horribly, found this sour news to be a marvelous elixir.
And, in turn, banks weakened, as interest rates tumbled.
I’m only happy when it rains.