It Looks Like Everyone Owes Bernanke A Big Apology
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It's clear who the big losers were today: It's the crowd that says "good news is bad news and bad news is good news" for the market.
They argue that good economic news is bad, because good news accelerates the day the Fed tightens, and therefore stocks should dive.
They've been making this argument pretty much since the day the rally began in early 2009, and basically they've always been wrong.
The economy since the bottom has been characterized by steady, underwhelming improvement, and the only time the market has dived has been during periods when it looked like the economy might falter (most notably right after the 2011 debt ceiling brouhaha).
Today we got a very strong jobs report, and yet stocks finished at their highs of the day (even as rates jumped and the dollar jumped) which pretty much drove the stake through the heart of this crowd.
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