Treasuries get hit and stocks take off? What!?
This is a new entry into the definition of bizarre. Inherently, it’s bullish for rates to go a little bit higher, since it means the economy is strengthening. However, the rate of change is too fast and one would assume this would jar the markets.
Perhaps the market has finally accepted a higher rate environment?
I am pleased to see POWI, CXO and IMMR lifting off. It makes me feel good to not entirely miss out on this rally. Truth be told, I’ve been on guard for a pullback ever since this rally started in 2009. I am sure many of you feel the same.
Maybe it’s time to let the old guard down and run naked through the alleyways of Wall, screaming “Boom-shacka-lacka.” Perhaps the market will never trade down again and I am wasting my time attempting to time the market.
Either way, it’s a bull market and the only strange thing about it is the lack of enthusiasm or believability in the retail client. This is so different from the dot com run, when my barber and bartender played the game. Nowadays, people think it’s rigged and scoff at anything to do with equities.
Maybe that’s a good thing.
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