This week has been absolutely action-packed. Between AAPL, AMZN, META, MSFT, the FOMC, and the August 1st tariffs commencement, I had totally forgotten that the jobs report was even coming out. In quieter times, this would be an “all hands on deck” situation, but it’s been a madcap week. This morning, the big event is that August 1st is here, and tariffs are finally kicking in. How fondly we recall when the tariffs were first announced four months ago, hosted by the President’s press secretary, Sydney Sweeney.
For me, this week has been a complete blast, with the small caps in particular behaving themselves admirably.
Even tech stocks, which were supercharged by the META/MSFT results, have completely fallen limp on their wedding night. I aggressively shorted the QQQ on Thursday’s open, and I continue to hold that short.
As for the jobs report, let’s just all embrace the fact that the economy is dying, which is ironic consider the snicker-worthy valuations of equities. The jobs market is absolutely shriveling away, and AI promises to destroy countless more millions of jobs. I suspect we’re looking at a future where a large portion of America is sitting around on their asses watching stupid shows while subsistence wages get fed into their spending accounts via a UBI program. It’s pathetic.
Not only are new jobs grinding their way down to zero, but the government can’t hide the fact anymore than their earlier numbers were completely made up. They are quietly “revising” past months to show that they were citing new hires TEN TIMES HIGHER than the actual truth. This is the kind of stuff buried in reports that Joe and Jane Public will never realize.
- May was revised down by 125,000, from +144,000 to +19,000,
- June was revised down by 133,000, from +147,000 to +14,000.
With all this going on, gold is absolutely spasming higher.
In addition, since it seems like Powell will be forced to cut rates in a futile bid to save a dying economy, bonds are likewise ripping north.
I enter the day exceptionally aggressively short. I hope you have a good day out there on the battlefield.
