And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level, which should show the greatest profit. And their experience invariably matched mine –that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.
Jesse Livermore, Reminiscences of a Stock Operator
Treasury sec. on making comments at a IMF event
Treasury Secretary on is speaking at a IMF event. She says
- pandemic has had extremely unfair impact on women’s income, employment opportunities
- very concerned about economic scarring for women as a result of pandemic: must be addressed going forward
- Hope by next year we can get labor market on track
- US is addressing low wages, lack of benefits in jobs
On Friday the US nonfarm payroll rose by 379K vs. 200 K estimate. Despite the better-than-expected rise, 9.5 million jobs remained lost since the start of the pandemic. Most those jobs have impacted low income earners and women. If the economy and schools are able to reopen successfully, the hope is that those jobs do come back over time. However, there is a long way to go.
Strong gains in European shares.
Rotation inequities is also across borders. The tech heavy NASDAQ continues to underperform. The European shares meanwhile are doing better. The major indices all rose strongly in trading today with the German tanks trading to a new all time high in closing at a record level.
France’s CAC is trading at its highest level since February 2020.
The provisional closes are showing:
- German DAX, +3.4%
- France’s CAC, +2.2%
- UK’s FTSE 100, +1.4%
- Spain’s Ibex, +2.1%
- Italy’s FTSE MIB, +3.3%
For the year:
- German DAX, +4.83%
- France’s CAC, +6.46%
- UK’s FTSE 100, +4.0%
- Spain’s Ibex, +4.74%
- Italy’s FTSE MIB, +6.7%
The new US administration wants to talk with Iran over the nuclear deal.
But … remarks attributed to Iranian Defense Minister Amir Hatami are keeping tensions (and oil prices) on the boil. Said on Sunday on Israel:
- “if they commit any silly acts, Iran will turn Tel Aviv and Haifa into ashes”
The US dollar is lower, as is yen, on the flows to ‘risk’ following the news out of the US over the weekend:
- US Senate passes $1.9 trillion stimulus bill
The bill will be voted on Tuesday in the House of Representatives where it is expected to pass easily.
AUD, NZD, GBP, CAD (for more impact on CAD see below) are all up a little from earlier levels.
Other weekend news has sent oil higher:
- Oil prices have moved higher following the attacks on Saudi facilities on the weekend
- Oil traders note – Saudi oil export ports, facilities targeted in attacks Sunday