A Little Breather…with update

Markets seem to be taking a little break prior to seeing the real employment numbers next week, albeit as Powell suggests that employment is probably being overstated by 40 to 60 thousand per month these days.

It probably does make it a little difficult for investors and traders to know what to do in the current environment as the president and supreme court operate in manipulation mode. Real numbers don’t mean much in an atmosphere that operates in an authoritarian manner.

As long as Trump is President this will probably continue. Trump wants higher markets and has no qualms about doing it by growing the deficit.

In the next week or two I will be bringing out my end of year review and thoughts on 2026. I will say that the general view that I expressed in July 2025 in my Mid-Year Comments (see front page of our website) has not changed much, just that the timing has been pushed back. Instead of looking for the peak of the Bubble to be in the last quarter of 2025, I am now looking at a later time. Who the new FED chair is will be a factor. The famous market timing phrase “It will always take longer than you think” fits well here in this market.