Still a Tricky Environment to Navigate

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I get a lot of bank reports, most of which I do not read but I think JPMorgan CEO Jamie Dimon is one of the most influential bankers in the world — and the PitBull agrees. He said Dimon cannot be ignored and that he was wrong on Bitcoin, but has not been wrong much overall. 

The PitBull also said he expects that things will continue to be a choppy mess and that the first leg of the 2024 rally is broken. He added that May to October are historically slower. The PitBull and I have also talked about the declines in the 1970's. The bear market that began in January 1973 was associated with what became known as the “oil shock recession.” I actually remember going to the gas station and only being able to get half a tank of gas. 

During an appearance at the Economic Club of New York on Tuesday, Dimon said he is concerned the US economy could be in for a repeat of the problems that hampered the country during the 1970s. "Yes, I think there’s a chance that can happen again," he said.

He noted that the economy in that troubled decade was constrained by stagflation — a combination of low growth and high inflation — and Dimon said such a risk exists again. I have to admit that while I still think the market will rally, I don't think the head of JPMorgan isn't in the know.