Price action and new jobs data confirm what I suspected: that the whole equities market had a crypto style levered flush-out, driven mostly by positioning, narrative and mass hysteria, and not as much by fundamentals.” Related Reading: MicroStrategy’s Michael Saylor Reveals Bitcoin Holdings Top $1 Billion Krüger also cautioned against overemphasis on single data points: "There’s a reason the Fed makes emphasis on making no decisions on single data points.
El-Erian, President of Queens College Cambridge and chief economic adviser at Allianz, explained via X that the global financial markets reacted to the data release and interpreted it as "a relief after last week’s unemployment and growth scare.” However, he also warned that "that this high-frequency data series is inherently noisy.” US weekly jobless claims came in at 233,000, down from a revised 250,000 — a relief after last week’s unemployment and growth scare.
El-Erian (@elerianm) August 8, 2024 Macro analyst Alex Krüger further elaborated that "the market crash triggered by last week’s unemployment & payrolls data has now fully reversed, after today’s weekly jobless claims data.
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