Just get the darned tightening over with already.
When I look at the way stocks are trading these days -- in keeping with my analysis that you can't just buy the dips -- I wonder if we are simply building in the decline pretty much every day until we get to that September Fed meeting.
Right now, we are in total purgatory. Every time a Fed-head gets to a microphone, we will go down unless he or she quickly clarifies that there could be still one more piece of data that is weaker than we thought.
With this employment number today, though -- another decent one -- I think we have to accept that it is time.
I have felt that with inflation running low and getting lower (I think you will see that next week when we get the Producer Price Index), that it still isn't worth it to hike interest rates yet. Not with China still on the way down, despite the government's plans to break the death cross or get the 50-day moving average over the 200-day MA, or whatever their plan is. I still intend to assert that on this evening's Mad Money.
But I am also mindful that this is a moment where nothing good will come of waiting any longer, and my hope is that once it occurs, we will be able to put an end to the "when is it going to occur" chatter that is so poisonous to the bullish cause.
Honestly, as my colleague Matt Horween has said to me, way too many stocks are getting overly punished knowing that there will be a tightening, and those stocks might actually be falling if there is a hike, simply because the torture of the wait has been sending people to the exits.
Could that be why the market's tone is so poor, so often?
I think it's a big contributor to the seesaw action, and it was no better displayed than earlier this week when the indices sold off after Fed-head Dennis Lockhart said tightening is pretty much a done deal. Then another Fed-head, a more important one, Jay Powell, said on Squawk Box the next day, hold on, not yet. Then we rallied.
So, it has become ridiculous -- and ridiculous is bad for the market, not good for it.