"Look out! Look out! Look out! Look out!
I felt so helpless, what could I do?
Remembering all the things we'd been through
In school they all stop and stare
I can't hide the tears, but I don't care
I'll never forget him— the leader of the pack."
"The markets traded as though they are anticipating a weaker than expected number, which will be dovish and friendly for maintaining lower interest rates."
Jesse, 6 May 2021
Bingo.
The Non-Farm Payrolls number posted a huge miss, with downward revisions in the prior months.
All the better to justify stimulus for the economy, my dear.
And so the markets took off higher.
And forgotten was the cautionary statement from the Fed at the close of trading yesterday.
Hey, but we warned them, right?
Gold finished solidly, and silver held much of its gains.
The Dollar headed lower on expectations of more easing for longer, aka low interest rates.
The SP soared to a new high, while the tech heavy NDX gave back a chunk of its early gains.
Let's see what the new week may brink with the inflation numbers.
Have a pleasant weekend.
