The S&P 500 was down on the week. It closed at 3,906.71 last Friday and closed at 3,841.94 today. If you’re reading this today and haven’t paid much attention to markets throughout the week those numbers seem like it was a tame week. However, we can officially say that this week was a humdinger. The bond and equity market experienced considerable volatility. The stalwart Growth/FAANG names actually led the downside for a change. My colleague Tom Lee will discuss the significance of this. If you remember, for most of the year when markets have been down the big Growth names that largely act as bond proxies when rates are ultra-low were a safe-haven.

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You might have missed that this morning’s jobs report was actually a smash outperformance to the upside. In the first Jobs Report of the Biden Administration the economy added an impressive 379,000 jobs in February. This was leaps and bounds more than the 49,000 added last month and more than double than the 175,000 that economists predicted. Does that sound like something the happens right before a market crash?

Markets are entering a confusing transitory period where strategies that have worked for a decade or more, in terms of generating alpha, will likely begin to change. The American consumer have significantl...

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