Apparently I missed the going out of business sale on stocks announced this morning. So we sell off late yesterday (bearish), and today - everyone wants back in.... ahead of an important announcement. Just like they did yesterday morning? What day is it again - this all looks familiar.
Who is so antsy to get into this market? Hmmm... count me boggled by this rush to own equity
Well as someone pushes us right back to yesterday's highs we stare at the exact same resistance levels that we were staring at 24 hours ago.
We had a few economic reports this morning, quite a toxic mix for Main Street but fantastic for corporate America. Unit labor costs fell by over 5%... but productivity surged at a level I've never heard of before ... well over 9%. In English this means companies are doing even more with less. And these are the laws of the economic jungle... limited amount of jobs and desperate people willing to work longer and harder to keep them, while competition standing outside the door is willing to take lower wages to snag them. This actually all fits part and parcel with many of my long term predictions.
It's a great time to own capital in this world as the global labor pool views for X amount of jobs.