lol— seems that way, that behind it all there’s some mean old ogre that’s turning levels to make everyone miserable. In fact, we’ve heard it from some of the metals people when gold prices fall (”the gold’s market is rigged”). We might want to consider that the investment market’s no different than say, the clothing market or the flea market, that people like to buy when they see others buy and dump when they see others dump. While we can’t predict when the swings will stop & start (if we could it wouldn’t happen) but we can predict that the waves will happen.
I think of it like surfing, that no one can predict when the next good wave will come but being out there on a board pretty much guarantees a good ride.
Lots of data this morning:
Initial claims +311 vs +323 est
2Q GDP +2.7% vs +2.6% initial estimate
Personal Consumption +3.3% vs +2.7% est
4Q Core PCE +1.3% vs 1.3% est