The LONG awaited rally is probably here. Yup, despite some horrendous news. Labor costs went up 9.6% above the 8% expected. non farm productivity went more negative with 5.2%.
If this market can ignore such a clear mandate for the FED to stop buying bonds, start raising rates they must still assume the Transitory speech from way back is the prevalent assumption.
JOLTS report tomorrow with 10 million plus job openings will also be ignored it seems.
The mass psychology is so out of whack with extrapolating current data into the future that only massive long term bubbles can accomplish this feat. Seems even Transitory being removed hasn't budged anyone's opinion on earnings.
I suspect 3rd week of January starts the earnings season and the overwhelming theme will be companies refusal to give future quarterly guidance.
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