This is the sort of tape that wrecks people, truly. I got whipsawed today and yesterday, as we’ve vacillated thanks to news flow. First it was the Chinese trade war news, then the Fed, then people second guessed the Fed — perhaps viewed it as an institutional weakness due in large part of a concern of theirs.
Maybe the economy is slowing much faster than is being reported.
The Fed works in not-so-mysterious ways. They want higher stock prices and they are aware that hiking rates was getting in the way of that primary goal. The foolishness of today should be resolved tomorrow.
Here are the main take aways.
Oil, gold sharply higher.
Dollar, bond yields sharply lower.
As you were. This will all work out in the end.
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