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May 2017
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Stock Market confusion

                This is the second day in a row that the stock market has opened in confusion.  The dollar is weakening leading to support for the commodity prices and stocks heavily priced by commodity value.  At the same time however the equity markets are lower and the DJI opened down 20 basis points.  The bond market is trading slightly down signifying a small flight to safer assets.  The Job number came in worst than expected but the number is continuing to show improvements.

                Majorities view is and has been that the market went up too far too fast.  A nasty short squeezed pushed worthless companies such as AIG, FNM and FRE to levels that made no sense.  We saw however AIG, FNM and FRE drop much over 10% just yesterday and 10% more this morning pre market open.  The law of what goes up fast, comes down fast is starting to apply again.  Now, will the market that has been on fire for the last 6 months even though the economy still losing jobs start to fall apart again.

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