Since my last post, I have noticed a subtle but important shift in the market. Namely that the market has started to react less favorably to bad news. Prior to this, any kind of bad news was shrugged off as the market climbed a wall of worry. But not anymore. With the release of the jobs number this morning the market is opening down. I think the S&P500 can easily test 1000 from here.
Speaking of job numbers, how can anyone be surprised that it would be negatively adjusted? How can anyone be surprised by retail numbers coming in lower than expectations? Economist/analyst are still blinded by optimism. But it seems like they are finally coming around to reality. The third quarter earnings releases around the corner might be another reality check.
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