The dow gaining 188 points, nasdaq surging 2. 3 . This is an important snap back because it gives us a glimpse into the future. Lets start with the set up. If you listen to the wise men of the hedge fund energy, theyre telling you believers will be crushed. They loved the market a month ago. Many of their fears are legitimate they have trillions of dollars in debt. The Oil Companies alone owe hundreds of billions of dollars. They cant pay it back in crude. Airline is toast supply chain could cost 60 billion. The hedge funds i listen to, well, theyre warning of 25 unemployment thanks to the government mandated lockdown. Thats not a great recession, thats Great Depression with a c. You cant have a Restaurant Industry if youre an allowed to go to restaurants. Hotels sold to you malls, malls are bowling alleys. Actual bowling alleys, baby boomer storage lockers arcane dollar trades, ooh, really scary, devastating. And as Small Business finished time to break out the apple stands and the sa
Season just step away from the roulette wheel because if you try to trade around the quarterly reports, you are going to get singed, if not burned after a record day, where the dow gained 27 points hallelujah s p climbed 2 , nasdaq inched up 0. 17 . That was easy earnings season is devastating for traders. No if you want to invest in a stock before reports and buy things if the stock gets hit thats another thing but trading no thanks. I didnt always feel this way. My Old Hedge Fund i used to place heavy bets on what would happen before it happened. I had as much legal information as i could get my hands on and always thought i had an opportunity to make a good call ahead of time but that was before regulation fd when the government leveled the playing field. When i was running you could meet with execs with small Interest Groups other people didnt want access or privy to that is illegal. These days everyone has access to the same information at the same time. I think thats fabulous. No
The dow crossed 24 how for the first time yesterday, but for the month the dow was up 3. 83 the s p up 2. 1 and the knanasdaq up 2. 17 . Telecoms led the way for the month. Check out the u. S. Futures those gains yesterday were something to see the dow Jones Crossing 24,000 for the first time the s p 500 was up by 0. 8 yesterday. All of these things we have been watching closely you are seeing a pull back this morning. Maybe related to what were seeing in europe the declines there are more significant. Declines in europe are because of the tax deal. You think absolutely. After we got so close last night. Its not just the declines in europe, europe is not matching 350 points of gains that we had here yesterday but the 350 points, that was at 4 00, all of this stuff they were supposed to vote yesterday. Im surprised theres not a bigger decline this morning based on the snags in the tax bill it was supposed to happen if we knew it would happen today, there would be further gains, now its
The hang seng market was up and so was the shanghai. The dax was up by 1. 4 . The cac up by 0. 9 . The ftse up by a quarter percentage point. If you check out crude oil prices, youll see crude oil is under significant pressure once again today. Down 1. 38. Down below 47 a barrel. 46. 98 is where the july contract for crude is trading now. Lets get you through todays agenda about the labor market. May jobs report out at 8 30 a. M. Eastern time. Nonfarm payrolls forecast to ride by 184,000. Thats following an increase of 211,000 back in april. The u. S. Economy added jobs for 79 straight months. The Unemployment Rate expected to hold steady at 4. 4 . The lowest level in a decade. Russian president Vladimir Putin will be speaking in st. Petersburg at a forum alongside several other World Leaders including indias modi. The session will be moderated by nbcs megyn kelly. That begins at 7 00 a. M. Eastern time. A programming note, sunday night megyn kelly has an interview with the russian pre
Here is what is so difficult to fathom about this market. Everything weve learned in the last decade is worthless. Every relationship, every alga rhythm, none of it works anymore. Not only that, even the old paradigms from previous decades are worthless. With stood the test of time of going gonzo and were baffled, especially on bullish days like today where the dow gained 92 and nasdaq 3. 2 . Its almost as if we have a whole new environment that doesnt jive with the reality of the old days and therefore seems to be nonsensical and its positive animal spirited nature. I say thats plain wrong, people. This market is fathomable but right before our own eyes, we are undoing a ton of what weve learned. Because were simply on a journey to a different arguably better place. Let me give you the road map of everything we have to unlearn and perhaps that will help us see how stocks can keep hitting what seemed like unbelievable new highs but id say our rational exuberant. When the Federal Reserv