Again, main street and wall street are disconnected...
It's hard (for me) to trade against what I see all around me...
friends have lost their jobs..
they are losing their homes..
cancelling their vacations..
eating out less..
looking at the family budget for the first time..
unable to find work..
I guess none of this matters to wall street, because we lost fewer jobs in July!
Yipee! Push the market 2% higher..
See news story.
Honey, I won't be fired this time around! The company decided to keep everyone around for this quearter.. Yay, we have food to put on the table for the next several months! Hey, will you be buying stocks, now that you won't be losing your job? Um, no...
It's as-if the market has room to the upside, no matter what the news, so keep pushing higher regardless... and once, we establish everything is 'ok', then we can selloff..why? because the market will already be "priced in".
I now realize, although the charts all scream (to me) for a healthy pullback, it looks like a suprise news announcement will be required before this market ever pulls back..
tb
PS- the contrarian in me, says, my rant above could be the short term top.. ;)
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