Theater of the Absurd

by Sven Henrich

The lowest job claims in 49 years coupled with the loosest financial conditions in 25 years, yet the Fed panic stopped all rate hikes following a 20% market drop and for all intents and purposes has ended its rate hike cycle.

$SPX rallying 23% off the December lows and coming within 1.2% of all time highs on Friday and the president of the United Stated calling for rate cuts and a recommencement of QE.

$SPX Q1 earnings projected to come in negative yet markets ignoring all bad economic surprise data presuming the slowdown to be over.

Markets racing ever higher on negative fund flows, but supported by record buybacks, $270B in Q1 alone, over $1 trillion in just the past 5 quarters.

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