Dumb & Dumber: Consensus Economic Commentariat Cheers Jobs Report In Unison!

Takeaway: Take the other side of consensus.

By Keith McCullough

 

So, I was stuck in traffic on the Merritt Parkway earlier this morning, watching my Twitter feed during the April jobs report release.

 

It was sad funny to read my stream and observe just how uniform the frenetic, positive commentary from consensus was. Wolf pack mentality.

 

D1 normal

 

So what did stock, currency, and bond markets think? They basically shrugged it off. They're not seeing much to get excited about.

 

Newsflash: The unemployment report (and rate) is what we call a lagging economic indicator.

 

Newsflash: 10-year yield at 2.65% is down -38 basis points YTD. What’s that telling you about growth?             

 

During my recent conversation on HedgeyeTV, former Goldman Sachs prop trader Buddy Carter basically told me that, "passive editorial trend following is useless" and how the Twitter contra stream can help identify opportunities. Indeed.

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