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We're through the looking glass here - black is white and white is black.
- Kevin Costner, from the Oliver Stone film JFK.
What caught my eye today was the dismal April employment report and the bullish reaction to it in the stock market. The popular narrative being offered to explain this apparent disconnect is that the market had already "priced in" an even worse report. Bad means rally. Less bad means more rally. Onward and upward.
After Friday's rally the market is within 13.5% of its all-time high of 3386. That's astounding to me.