When good news is good news, the jobs report reversal.

Hi, Peter Navarro here with our weekly economy and market wrap

for the week ending October 6th, 2023.

And oh, what a week it was.

For any newbies to this podcast and Substack,

let's recall that I've been bearish on the U.S. stock market. So far, that call is

tracking pretty well. Over the last two months, the S&P 500 peaked at about 4,600 at the end of July and closed today at about 4,300.

It's about a 7% haircut for a 401k or IRA holding the quote market. Of course this was not a straight line fall but rather quite a

volatile one marked by a strong bare market trap push back to around 4500 on September 1st.

During this time cash has certainly been a safer bet as short-term money market rates are grinding out a riskless 5% nominal return, roughly, offsetting any losses to your capital from inflation. setting any

losses to your capital from inflation.

Meanwhile during this two month period the leveraged triple short of the S&P 500 that I like to watch

the exchange traded fund SPXU has gone from about 10 bucks to a close today of $11.77 cents that's around an 18% game. Of course these are the kind of

grim bearish statistics that the Tao's own, see and Bessie and Fox Business in Bloomberg love to ignore.

Instead, they tell you to, quote, buy the dip, unquote.

But in this case and in these times that is just Dippy in my judgment.

Come now to the big news items of the week.

For starters, over the last weekend we had a piece of what was supposed to be good news

It was supposed to rally the stock market

This was then the House Speaker Kevin McCarthy's deal with the Democrat and Rhino devils

to kick the debt ceiling can down the road for yet another 45 days.

The spin here was that the market was falling

...