Well, what can you say about this week?
1) started a trade war
2) got sued by a porn star
3) fired Gary Cohn
4) exempted everybody from the tariffs at the same time he made them official
5) set up a meeting with Kim Jong-Un
i mean.. you can't say Dennison isn't keeping it exciting
— Walter White (@heisenbergrpt) March 9, 2018
That pretty much sums it up.
And as far as the administration’s “plan” for the meeting with Kim Jong-Un is concerned, we’re going to go out on a limb here and say Trump probably pitched it to the CIA the same way James Franco did in The Interview…
The February jobs report was just what the market needed – a blowout headline print combined with an AHE miss. That underscored the “Goldilocks” narrative and suggested there’s still some slack in the labor market (more analysis here).
Stocks soared on Friday. The Nasdaq has not only recouped the entirety of the selloff, but in fact hit a new record high:
On the week:
Have a look at this:
10Y yields jumped on the jobs number, but remained well contained, again underscoring the “Goldilocks” nature of the report:
The dollar (DXY) eked out a third straight weekly gain:
But you’re reminded that there are all manner of questions here including the deficit issue and what history says about tariffs and the greenback:
Oil closed out an entertaining week by surging more than 3% with WTI retaking $62:
European shares posted their fifth day of gains – that’s the longest streak since early January:
The jobs report in the U.S. helped:
Tough week for make-believe space tokens:
It’ll be fine though, because remember:
don't worry. my technical analyst says Bitcoin has support at zero.
— Walter White (@heisenbergrpt) February 2, 2018
South Korean shares rallied overnight, although as noted first thing Friday morning, the extra juice they got from the Trump-Kim news seems to have worn off by the close:
They’re still a bargain assuming there’s no nuclear accident:
Finally, for your moment of zen, here is Sarah Huckabee Sanders “explaining” how the meeting with Kim is going to go:
Sarah Sanders: "We're not going to have this meeting take place until we see concrete actions that match the words an the rhetoric of North Korea." pic.twitter.com/2tycYYc1Mx
— Axios (@axios) March 9, 2018