Afternoon Note
The Jobs Report saw 255,000 net job creation, which was much better than expected, but there was good, bad and the ugly.
Good
Bad
Ugly
I’ve been saying for a while now that the market wanted, and indeed needed, good news to move the needle higher. Valuations aren’t as wild as bears would have one believe, but I admit, it’s tougher finding undervalued names with the market at all-time high levels. There is no doubt this is a bifurcated economy, and jobs market, which is creating 70,000 professional jobs, 43,000 healthcare jobs but also scores of bartender gigs, too.
The big winner today are financial stocks as money might be rotating out of utilities into the worst sector in 2016. Moreover, the market senses the Fed will hike rates, although nobody believes it happens because of the election, for obvious reasons.
XLF
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4/9/2024 1:56 PM | Fighting the Trend |
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