I’m very busy this morning. Very fucking busy. “The Fly” is somewhat moving past the life of toiling in front of the computer spitting out top tier blogs.
The reason why the market is McPlunging this morning is two fold.
1. The payrolls numbers were off the fucking chain. You’d have to be a fucking lunatic to cut rates into this economy.
2. The market is trying to price in zero retarded rate cuts now.
Nonfarm payrolls rose 224,000 in June, well above market expectations of 165,000, according to the Labor Department.
The unemployment rate hedged higher to 3.7% but was still near 50-year lows.
Wage growth was 3.1% year over year, one-tenth of a point below market expectations.
Stocks opened lower on the news and government bond yields surged.
The question you’ve got to ask yourself, all of us should be asking, is why the fuck was the market pricing in rate cuts in the first place? None of it matters now — only price.
So the whole dynamic of soaring stocks coupled with gold and everything else is now to shit. To complete shit. The new dynamic, get this, is HIGHER rates, lower gold, and fucked up stocks. Try to keep up here fuckers — this is about to kill a lot of people.
I’m getting absolutely poleaxed today, so I sold my OSTK trade for a +3%. I had to sell it — because I’ve been booking loss after loss the past week. I needed the win. Now that I’ve got that base covered, I can go out now and not really give a fuck about stocks for the next 3-4 hours. It’s Friday, post 4th of July, and everything is hung over. Something tells me we’ll survive.If you enjoy the content at iBankCoin, please follow us on Twitter