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Our View
Yesterday’s sell-off was a long time coming and it was telegraphed to us on Monday. There are a few things we just can’t downplay:
The importance of the FRYday jobs number and
CPI…especially when everyone is talking about lower inflation, rates, and jobs.
What happens is, the markets start going up and the Fed wants to keep the ball rolling but in reality, the numbers don't add up. It doesn’t help when everyone is looking for a rate cut and then the data doesn’t support it.
I have to be honest, I thought there were a few more down days on the way — but the rally and this note from the PitBull “Any mid month money coming in tomorrow?” — casts some doubt on that idea.