This morning was, of course, the jobs report, and the expected unemployment rate was 19.1%, with some estimates as high as 27%. Nope! It came in at 13%, and everyone’s jaws hit the floor as millions of jobs were actually added.
And so bonds, which have been the focus of discussion in a couple of recent posts, accelerated their plunge.
Equities are, of course, soaring, with the Russell in particular up about 3% as I am typing this, pushing its way into that mountain of overhead supply.
The odd man out, for the moment, continues to be the NASDAQ, which is only up about 1/10th what the small caps are right now. Let’s keep an eye on this prospective double top.
So, umm, with the economy much better than thought, what’s the story with all this continuing stimulus?
