The jobs data just came out, and it seems like mildly bad news: the unemployment rate inched up to 4.2% (expected: 4.1%) and the hourly wages went up more than expected as well (suggesting inflation). In spite of this, equity futures got a quick bump, although as of this composition the /ES and /NQ are only up about one-tenth of a single percent. Meh.
With this uncertainty out of the way, the VIX is again plunging toward sub-teen levels. Complacency rules o’er the land, as folks figure there will never, ever be any problems again in their lives. For real.
One stock which has been resolutely muscling higher, largely because its CEO is the de facto Co-President of the United States, is Tesla.
Only half a year ago, this was a garbage stock, and literally the 500th performer of all the 500 S&P 500 stocks. Now it is poised to burst through its lifetime highs in the weeks ahead.
As we work toward the end of the year, the last huge event is the Fed meeting in two weeks, which I suspect will be a nothing-burger. One key data point for those lovely gentlemen will be the Core CPI, which comes out on Wednesday before the market opens.
It’s mildly annoying that, having had the first tiny “down” day in what feels like months, it looks like we’re back to the same old/same old green. Still, in spite of the blowtorch being applied to my puts, they have handled themselves admirably, as they have held up exceptionally well in, as we’ve all heard, the 56th record lifetime high in 2024. I continue to have a particular focus on semiconductor shorts.Teflon RobloxDrunk On Ripple Eli Lilly Gap
