Welcome To The Theater Of The Absurd: The Most Jawboned Market In History

Sunday, April 7, 2019
By Paul Martin

by Sven Henrich via NorthmanTrader.com,
Sun, 04/07/2019

The lowest job claims in 49 years coupled with the loosest financial conditions in 25 years, yet the Fed panic stopped all rate hikes following a 20% market drop and for all intents and purposes has ended its rate hike cycle.

$SPX rallying 23% off the December lows and coming within 1.2% of all time highs on Friday and the president of the United Stated calling for rate cuts and a recommencement of QE.

$SPX Q1 earnings projected to come in negative yet markets ignoring all bad economic surprise data presuming the slowdown to be over.

Markets racing ever higher on negative fund flows, but supported by record buybacks, $270B in Q1 alone, over $1 trillion in just the past 5 quarters.

Daily jawbone efforts from the administration to signal an imminent China deal strategically placed to coincide with market open, market close or futures open ensuring gap ups with many never getting filled:

Atta boy:

“The market is way up today, Larry. So today, you’re great. When the market goes down — he’s not so great. But it’s been mostly up, I have to say.” Kudlow replies, “I’m only as good as my last trade, sir.”

Welcome to the theater of the absurd, the most jawboned market in history:

The Rest…HERE

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