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VRA Letter: Weak July Jobs Report; Leaked Again. Some Perspective. Bear Market in Semis = Buy. Next Up, Aggressive Rate Cuts.

Good Friday morning. US (and Japan’s -5.7%) markets sold off hard yesterday, for all of the reasons we talked about in yesterday afternoons VRA Letter. Namely, concerns that the Fed has waited too long to cut rates (they have) a ...

Posted On August 02, 20245 MIN Read
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Good Friday morning. US (and Japan’s -5.7%) markets sold off hard yesterday, for all of the reasons we talked about in yesterday afternoons VRA Letter. Namely, concerns that the Fed has waited too long to cut rates (they have) and that it may lead to a recession (it won’t...but worst case, it would be very shallow).

All eyes have been on the July employment report, which came in moments ago. Expectations were for 175,000 jobs created with an unemployment rate of 4.1%.

Here’s what we go instead: 114,000 jobs created with an unemployment rate of 4.3%.

Futures were down 300 points on both Dow and Nasdaq headed into the report and its only gotten worse; As I write the Dow is -540 and Nasdaq -480 (-2.6%).

In case you’re wondering, yes…the Biden Admin leaked another set of economic data yesterday, as is now clear. In my life, no administration has acted this criminally…of course, we already knew that. If we had an honest press they'd be screaming for heads to roll.

The biggest...

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