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Has this week been fun, or what?
The jobs report just came out, and it was exceptionally strong. This provided a tiny bit of relief to our beleaguered bullish friends, since the word on the street was that a sub 100k figure would make a bad situation even worse. I am highly confident that the new administration will point to “our recovering economy” with this number today several thousand times, particularly their hawt press secretary.
Even I am stunned how much destruction has taken place not just with stocks, but with ancient household names. It wasn’t just about Thursday…….it has taken months, but the drops have been stunning. Xerox is worth less than HALF what it was worth…………in 1977!!!!!
