Flat equities after "hot" Nov jobs report shows stocks proving more resilient than consensus expects... why is S&P 500 drawdown worse than Germany, China or Japan? Still see rally into YE towards 4,400-4,500

Equities are proving more resilient than consensus expects...

The strong November jobs report (on 12/2) of +263k vs 200k consensus (plus strong wage growth) gave markets every excuse to sell off sharply:

  • Strong jobs = Fed needs to tighten further = bad for stocks
  • S&P 500 opened down -1.2%
  • but gained throughout Friday and closed essentially flat (-0.12%)
Friday trading is an example of equities not conforming to the consensus narrative. The central view in markets is the Fed sees th...

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