Good morning, everyone! Are you ready for your one-day trading week? I sure am, and we’re off to a nice start.
The reason, evidently, is that in spite of all the talk of AI taking over everyone’s job, the jobs market remains very hot, and the (non-farm, sigh) employment change was much stronger than expected.
In turn, this just added to the five year old (!!!!!) bond bear market. Anyone who thinks Powell is going to cut rates any more is insane. As I’ve said a thousand times, inflation is coming BACK, and rates are going UP. Powell is hosed beyond all measure. Plus, he’s about to get a boss who despises him.
I’ve got 13 bearish positions. The only 2 which worry me a little are BP and COP, because crude oil has made a big breakout to the upside. We’ll see if they survive the day.
Well, my dog isn’t going to walk himself, so I’m off. I’ll be back with more insights and bon mots.
