Well predictably, it’s a shitshow right out of the gate, with stocks plunging (or what counts as “plunging” these days) across the board.
Of course this was already baked in headed into the cash open, but so far the dip-buyers are absent. Hopefully they just said “fuck it” after the jobs number and are now a quarter of the way through a bottle of Stoli, because if not, it suggests people are actually worried about the ongoing rise in yields that accelerated this morning after AHE beat.
That abated for a minute, but it looks to be gathering some steam again:
Here’s how this week has played out (just as retail investors plowed the most money into ETFs in history during January):
Just to be clear, if the opening dip in stocks holds, this would be the worst week for the S&P since February of 2016 when everyone was scared to death that deflation had reemerged:
If you want a really good laugh, try to imagine someone attempting to explain to Trump why stocks are lower on the heels of a good jobs report…