…but ugly goes down to the bone.
Stocks were running out of gas today.
Traders were continuing to sit on their hands for the most part, judging by the volumes, waiting to see what unfolds from the Non-Farm Payrolls Report tomorrow.
The market has had a nice upwards bias thanks in large part to Chairperson Yellen and her dovish cooing about easy money. The problem is that most if not all of this easy money is being used to inflate financial assets bringing profits to the top ten percent.
The real economy continues to languish.
And so I think that risk is grossly underpriced, right now.
Earnings season is dead ahead, and I suspect that they will not be all that good.
Have a pleasant evening.
