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Tragicomic Punchlines
Until the US labor market turns -- and that's assuming the Trump administration lets it turn -- risk
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“The good news for risk assets is that “stocks will keep working in a virtuous environment for corporate earnings’
As you and fellow readers may have deduced, I am Max McElligott. But this one has me scratching my head. I’m guessing that he is drawing a 401K wealth effect line to higher consumer spending? JL may correct me, but I recall that consumer discretionary stocks have been relative laggards this year so that may help the market to broaden out further.
Otherwise, how much would further risk on really help earnings? And who cares?? In this environment earnings don’t matter. Nor do valuations and other “fundamentals”. As our dear Leader reminded us yesterday, this is a closed self-perpetuating wealth building machine.