I am beyond grateful for the stock market of late.
In my real world, I have suffered an accident resulting in double digit stitches, fires and floods in New Mexico, and now a possible hurricane.
Just waiting for the locust to swarm.
The market’s almost daily record-setting closes are my only relief.
We had a strong jobs report that came with revisions to previous months.
The rate-cut die hard find anything to test their hopes on for a September quarter-point cut.
It’s literally comical to follow the logic.
This week, we will get the CPI report Thursday and PPI report Friday.
Chairman Powell will provide his mid-year testimony.
It is almost like traders are breathless to hear bad news about the economy.
They are literally addicted to lower rates.
It seems normal to them as we had absurdly low rates for over a decade and the younger among them believe that is normal since that is all they know.
I prefer just solid consistent earnings.
The banks will be the first to announce the latest earnings.
I expect they will come in within range.
The real test will be the tech stocks.
Of late they have been positive, but not extraordinary, which has not amused traders.
All have not been winners for traders.
Bitcoin dropped down to $55,000.
Nvidia has doubled this year, but had a bit of selling pressure come in lately.
Even Jeff Bezos is taking some money off the table.
That is hard for us little people to relate to cashing in $5 billion.
I am plenty happy cashing dividend checks and trying to earn over 8% annually in my accounts.
Everything is about perspective.
It does appear to me that we have enough negativity in the market to climb some more.
That allows me to continue to raise cash and pay taxes on the gains.
I find it amusing to see analysts speculating about locking up current yields before they go down.
The only way rates will go down is if the economy falters, which will lead to lower company earnings.
I never see the logic.
It is, of course, that wall of worry that a record-setting market lives to overcome.
Assuming the next pestilence doesn’t take me out, I am going to ride this pony till it can’t take another step.
