Leave the dreams to Cathie Wood and the misapprehensions to the Fed.
On Thursday, there was certainly not as broad-based a run for the exits as the market headline numbers suggest.
Recession worries have been discounted to some degree by the market, but will still be a headwind as we start the second quarter.
I'm of the view that we are in a Bear Market rally.
The situation is unlikely to get any better in the months ahead.
Besides what one might think... TINA (there is no alternative) remains a factor for now... in equity markets.
The inversion that we saw this week is only the beginning -- an ever more aggressive Fed results in an ever more inverted curve.
With a multitude of headwinds, should the S&P 500 really be trading at 20 times forward earnings?
The lesson is to remain flexible. Always. Let price discovery guide decision making as much as logic, not less, not more.
Plus, the average rate for a 30-year fixed mortgage has risen above 4%, so what will that do to the housing market?