I said I know it's only rock 'n' roll but I like it

I said I know it's only rock 'n' roll but I like it

Rolling Stones

Consumer confidence rose much more than expected, and there are lots of nuggets in the data that we’ll share in the morning report.  One thing that stands out is consumers expect inflation, and they don’t seem to care.  In fact, I might go as far as to suggest consumers like inflation. 

Of course, nobody likes when their bills go up…summer camp for the children and steak right before the Fourth of July.  But people love the idea of higher wages and more valuable homes.  People are excited about the job market, and money in the bank, and of course, the stock market.

We aren’t in irrational exuberance territory yet, and throwing a dart on any given day could yield you more losers than winners.

But there is something going on that speaks to the renewal from the pandemic lockdown, but it’s even more than that. 

On that note, the market acts pensive as we get closer to the jobs report on Friday.  I’m hoping for a big beat and do not think it alters the Fed, although, the market might think otherwise.

We are going to stay on the sidelines for the remainder of the session.