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Better NFP Gets a Yawn

Daily Rap 12-08-2017

The nonfarm payroll report beat the number, but had almost none of the usual instantaneous impact on various markets that it has in the past. (As I noted a while back, I think it is losing its significance as a driver of speculation -- not that it matters too much.) Nonetheless, most markets liked the news, with the stock market gaining about 0.75% through midday, led by the Nasdaq, with the S&P in second place and the Dow just up fractionally and kind of sputtering (not that such bits of minutia make much difference, either).

In the afternoon, the Nasdaq rally stalled out, but the Dow/S&P gained ground, leaving the market almost 0.5% higher on the day.

Away from stocks, green paper was a little higher, but mostly against the yen. Fixed income didn't...more


Last year's posts for Ask Fleck

Q: Bill,
In response to the readers' queries about all the electricity used in Bitcoin mining, I invite you all to have a look at this post the other day from Charles Hugh Smith Did Anyone Do Even a Minimal Check on the Sensationalist Bitcoin Electrical Consumption Story?
It puts things in perspective, I think.
Cheers!

Fleck: Thanks for the perspective - but, they still do use gobs of electricity, which may or may not matter in the end.
(posted: 12/8/2017)


Q: Hello Bill

I know you have been warning about all this rally will end badly like last 2 times but no one seems to care much. But here is interesting article by ECRI


Next Global Growth Downturn Will Blindside Most


While everyone seems to be confident about great recession of 2007 over and we might even see improved economy in US due to tax cuts and infrastructure spending as well as other economies due to lower rates, etc something is going to catch everyone by surprise.

I have been following ECRI for long time. While they can't predict stk mkt behavior I think their directional approach where the economy may be heading is accurate. So if this is their true warning then I think lot of people are going to get caught off guard. I don't think their views about US economy are changing much due to tax cuts, etc. They still think this is as good as it gets. They are not predicting outright slowdown or recession yet but looks like their warning should be taken more seriously.

Thanks and regards

Fleck: ECRI may be correct - but the stock market will crack long before the economy enters a recession.
(posted: 12/8/2017)


Q: Ugh......are you concerned PAAS made a new 52 low today ($13.99)?

Ps......not whining

Fleck: No, I'm not concerned about PAAS... There is no information in the trading of individual names - they are all just being puked up.
(posted: 12/8/2017)


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