Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today
Already have an account? log in
Weird, Wild And Crazy
On Friday, someone described the November jobs report as "one of the weirdest I've ever seen."
I'm not sure I'd put it that way, but there were contradictions -- high points, low points and everything in-between.
To the extent it was "weird," it marked a fitting end to a somewhat convoluted week dominated by handwringing over a more transmissible COVID variant, Jerome Powell's hawkish pivot and concerns that the interplay between the two presages a policy mistake.
US equities were a pinball m
H-Man, it truly is weird when the knee jerk reaction makes the market jump and then the “thinkers” hammer it lower —- all the while when the household survey shows 1MM new jobs. Maybe by Monday the market will figure out that 2 + 2 doesn’t equal 5 or 3.
Maybe the Santa Claus rally is a 20th century trope that needs to be retired. If I’m a PM entering December up 20% or more and see that the Fed’s punchbowl may have a bottom after all, maybe my thought process is to look for any excuse to sell and pack it in for the year. In such an environment, selling begets selling (fear trumps greed) and, well, hear we are this Saturday morning.