First of all, we had that weird jobs report this morning that featured an ugly jobs-creation number and a good improvement on the unemployment rate.
But then if that wasn’t enough to make your head hurt, then the market is behaving even weirder. It’s up now — especially the NASDAQ — but it’s not because everyone thinks there will be more QE.
The dollar is up (a lot), yields are up, and gold is down, which is precisely the opposite of what you’d think if the report were weak.
At a minimum, it’s a rough day for the confirmation bias crowd.
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