The advance GDP number just came out, and not only was it positive, but it was better than expected. So I guess the recession’s called off, right?
One would think that a strong economy would actually smash the market, since it gives the Fed license to keep rates high, but the S&P 500 futures doesn’t seem to know what to do with itself. It shot higher, then briefly got red, and as I’m typing this, it’s up a few points again. So I guess the GDP is pretty much a non-event.
Cryptos, like everything else, have been remarkably strong the past couple of weeks. As always, it’s all about “context”, because, yes, the likes of Ethereum has been on the move, but it’s just the umpteenth counter-trend rally we’ve seen.
This afternoon, of course, is The Biggie, with Apple (NASDAQ:AAPL) and Amazon.com (NASDAQ:AMZN) reporting. In the unlikely event that both come in as stinkers, the market might finally have a reason to sell off, since it’ll be pretty much a clean sweep of lousy mega-tech earnings. Considering the fact that Meta Platforms (NASDAQ:META) actually got down into the double digits, and yet the market still looks pretty strong, it suggests that maybe the market is indeed healthy overall and stuff like META is simply being treated as an exception as opposed to a canary in the coal mine.