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NFP Roulette Creates Only Minor Drama

Daily Rap 12-02-2022

Today's nonfarm payroll report was slightly better than expected, though by essentially just a rounding error of 50,000 more (in addition to an extra 20,000 last month). However, it was the lowest job creation number in over a year. So, it is not a sign of economic strength, though for everyone playing the relative headline game, it was obviously slightly stronger than expected (even if it probably won't alter anyone's thinking about the path that they already thought the economy was on, regardless of what their conclusions are).

It Could Have Been Worse In any event, the algos who pay attention to relative headlines immediately smashed the equity futures such that the Nasdaq 100 lost about 2.5% with the S&P down 2%-ish. However,...more

Last year's posts for Ask Fleck

Q: ...Professor Robert Shiller has made some sound teaks to the standard S+P PE measure { he's a pretty sharp guy) and by his measure the current PE is almost twice the historical mean...

Fleck: I'm not shocked to hear that. Lots more valuation compression is still ahead for many companies.
(posted: 12/2/2022)

Q: Bill,

Would you not agree this has been the best 3 day move in Ag in years. What do you attribute it to?


Fleck: Yes. It is finally time for silver to "go." No special reason.
(posted: 12/2/2022)

Q: re Wesdome: do you have any idea what they are raising the money for:

1. Expanded bank line of credit
2. Registering a #100m Equity raise.

Thank you

Fleck: They used the LOC while production was stalled at Kiena. Please see the other comments on this topic.
(posted: 12/2/2022)

more Ask Fleck...

The bottom's in...