Yesterday was May 4th…It was Star Wars Day. This is because May the 4th sounds like the phrase “May the force be with you”. Of course, it was in the “Star Wars: A New Hope” … There is some symbolism there as Apple release good earnings and beating the estimates on top and bottom. One stock doesn’t change the market, but we need some strength of hope! I know corny but we are all looking for the Jedi Knight to save this market…I just never thought Apple would be Luke Skywalker. It is too early and inflation, interest rates, the economy, and jobs seem to be on the dark side! Interest rates might be Darth Vader in this movie while the emperor is the Economy! At least, we have a new HOPE. Even the regional banking ETF(KRE) was up with the news of Pac West!
Speaking of Jobs, the jobs data is out today at 8:30 EST. The market is predicting 180,000 jobs. This is a lagging indicator, but we just need some catalyst to start turning this market. Earnings have been surprisingly good. We would just continue to invest for the long term and not be concerned with the past. If we have companies making money, they will invest and hire more. Again, it is too early, but we will see.
More to come tomorrow. It is Cinco de Mayo! More symbolism? One small country of Mexico defeated the giant Napoleon! May the Force be with you…
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