So the last four months according to the payroll survey, the economy has added 1.68 million

jobs.

According to the household survey over that same four month period, the economy has lost

168,000 jobs.

One of those is a more accurate story.

And my guess is the household survey only because it's always been more accurate at turning

points.

So let's dive right in, Lizanne.

What drives stock prices over time?

Believe it or not, I think it's probably sentiment more than anything else.

You and I probably talked about this.

I think the greatest thing ever said about the market was the probably most famous quote

up, Sir John Templeton's of bull markets are born into spare grown skepticism, mature

and optimism and dire euphoria.

And I think that's such a brilliant way to talk about a market cycle.

And the lack of any fundamental economic valuation terminology in there, I think the reality

is that especially at extremes, at major turning points, you really could point to sentiment

more than anything else.

That doesn't mean all of those other factors aren't important.

But the other thing I'd say is when it comes to the fundamentals, we have to remember that

the stock market tends to lead major turning points in the economic cycle.

So it also tends to be more highly correlated to other leading indicators.

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