Can people really be this stupid? You have a jobs number that is way too hot for this Fed - not for me - but for this Fed. You have wage gains of 3.1% which is, I hope, what you should expect after you have those huge corporate tax cuts and you have Apple (AAPL) allegedly disappointing. The largest company on earth getting downgrades and target price cuts.
And people thought it was okay to buy the up opening after three positive days?
How could they be so stupid?
Look, it doesn't take a genius to know that these strong numbers may have just sealed the fate of a whole bunch of sectors because now Jay Powell can raise rates with impunity and make it so you can get a short-term CD for a higher rate than just about any stock.
Now we had Don Wood of Federal Realty Investment Trust (FRT) on "Mad Money" last night, the CEO of one of the great dividend aristocrats and one of only three companies with a 50 year record of bumping dividends every year. If you compound that return and you stay long for the capital appreciation then the 3% CD seems downright stupid.
But stupid is what stupid does.
Now let's toss in the elephant in the room: the Apple decision to not give out product line items and to give out what many think is real guidance that shows genuine softness. That alone could have taken us down. That alone would be a reason to sell, not buy.
And yet the buyers persisted.
Now it's just a question of letting things settle and the Nasdaq tries to find footing after an explosive three day run.
Let's see what happens on this very long day.