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Where’s The Damn Selloff?
The first two months of 2024 had all the ingredients of an equity selloff with one notable exception: Lower stocks.
Maybe a closely-watched update on producer prices due out of the US on Friday will tip the scales against stubbornly resilient equities. The release was poised to garner more attention than usual given the read-through for the Fed's preferred inflation gauge. In short, markets were looking to PPI for confirmation of the signal from a very uncomfortable CPI release. Or, preferably,
Late June I bought a bunch of oversold stocks. Looked a little iffy for a while. Got caught by a couple of blades, but grabbed a bunch of handles. Far and away better than my money market.
….“you know it can be a while before the crying starts”.
It is lines like this (of which this post has more than your usual) that truly are hilarious. Having said that, I sense a fair number are already crying….because they are NOT (sufficiently) in the market.
Now, if I can just identify the top, this time around!!
“there’s no chance (none) that this Fed, let alone this Treasury, is going to allow a full-on bank crisis in this election year”
100% agree. That is also why I except 2025 to be fraught. But in the mean time, let the blow off top continue!
As one who rarely notices (will try harder) I love the cover art, as well of summary of course…
“What are you going to buy if not US equities?”
Cash ain’t bad. Federal MMFs 5.25% with no duration or credit risk. Wait for a fat pitch.