New & Old Normals

(1) Lots of good news sends stock prices lower. (2) Fed diverging from central bank norm. (3) The strong dollar weakens earnings. (4) Sideways may be path of least resistance. (5) Time should be on the side of the bulls. (6) While Fed is normalizing, other centrals banks continue to abnormalize. (7) US bonds reverse course. (8) Draghi’s mission-almost-accomplished press conference. (9) BOJ still well below inflation target despite massive yen depreciation. (10) Chinese Premier sounds the alarm by sounding alarmed. (11) Earned Income Proxy at new high. (12) Why aren’t employment gains boosting wages? (13) Labor force dropouts at record high.