A Gambler’s Casino Rather Than a Speculator’s Market

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Hi.  Peter Navarro here with this week’s stock market wrap for the week ending December 8, 2023.  The market remains a gambler’s roulette wheel rather than an intelligent speculator’s poker game.

Bulls on the long side continue to bet on a soft landing propelled by a series of rate cuts by the Fed come the new year.  They remain heartened by the continued, albeit slowing, move up of the markets – the S&P eked out a small gain for the week.

Bears on the short side, like me I might add, see all manner of hazards that must inevitably, and sooner rather than later, catch up with Wall Street – persistently high inflation, equally persistent high interest rates that are slowly choking off interest rate sensitive sectors like autos and housing, a looming fiscal cliff, geopolitical hazards ranging from the Red Sea and Persian Gulf to the Straits of Taiwan, and so it goes.

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