The NASDAQ is diving lower again amidst pomp and circumstance. This, as you know, is a well deserved drubbing and if we’re being honest with one another — we do deserve a bit more.
I have been splattered about the pavement a bit, down 1.5%. But I have an excuse, as I am hosting company from NY — who will be departing this afternoon. By next week Le Fly will be back and fully concentrated on the matters at hand, banking coin with ease and equanimity.
The fate of the market is really being decided upon in the bond market. If the 10yr yield cracks lower, expect stocks and rise and vice versa. The Fed seems intent to hike another 50bps and the permanent bull class of investor really wants to believe in the pivot and soft landings.
This is fanciful nonsense, but it’s also fun to pretend.
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