Remember, we want a slowdown, we don't want a depression. I am happy to get any numbers that are mixed, as long as we still see some numbers in manufacturing that are really weak because the Fed doesn't want smoke-stack America to falter. So we take a mixed number here, a weak number there, and we will keep the balls in the air for another ease.
I don't like the ease/no ease game. I don't like to debate about 25 vs. 50 basis points. That's all minutiae. What matters is that the Fed has committed to lowering rates and, as long as they have committed, we are in fabulous shape and the market will not retreat substantially.
Two days ago I began to hear a lot of folks talking about the need for the Nasdaq to retest the lows. That just won't happen if the Fed stays on its ease course. Don't out-think this period. We go higher faster with weaker numbers, but we go higher anyway with mixed numbers, like the ones we had
this morning.
Random musings: I will no longer refer to Jeff Bezos as a former hedge fund manager. The Amazon
(AMZN:Nasdaq - news - boards) honcho formerly worked in sales at a hedge fund. He had no P&L.
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