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Leaping to the wrong conclusion is a daily event in the stock market.
Friday's jobs report provided a quintessential example.
A retreat to the Covid-19 playbook provides a comedy of errors ending in new all-time highs for both the Dow Jones Industrials and S&P 500, with the Nasdaq Composite up on the day but down 1.5% on the week.
When the curtain's pulled back, the Wizard (a.k.a. Cathie Wood) should be owning Old Navy instead of Armani (by charter she cannot).