When I see the market rally mindlessly – as it did on Friday, after the jobs report pushed the jobless rate down to 5.4%- I ask myself a set of questions like the following.
Do investors really think it’s going to matter if the Fed raises interest rates by a quarter of a point in September instead of June? Do they really think it’s normal that €3 trillion of European debt is yielding less than zero? The Swiss National Bank (Switzerland’s Federal Reserve) owns $100 billion of stocks…Is that considered normal?
I can’t be any more direct than this – sometimes the plane hits the ground before people have a chance to parachute to safety. Investors trying to ride this market to the bitter end are going to find the end is bitter, indeed…
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