Whoa! What was in that morning coffee? New all time highs across the board. Drifted higher all morning and picked up momentum after Europe closed. ADP payroll numbers came in hot (253K vs 180K est) which set expectation for tomorrow’s May NFP numbers (180K est vs 211K prior) to be really good too. Which pretty much locks in what everyone knows, the Fed will raise rates at its June meeting. SO, what’s with interest rates ticking DOWN? The 10 yr treasury is at 2.16%. Something’s ‘fishy’ or short circuited in someones robot.
The Dow, S&P 500 and the Nasdaq Composite all look unstoppable and an overlooked index (I love it) the KBW Nasdaq fintech index (KFTX) jumped up to just shy of 2,000. Looks like we are in the midst of a melt up that will end……………when it ends. Sure can’t buy this market and sure as h*** won’t sell it. Oh well, I love naps.
Have a nice evening.