August 1, 2013
Mish's Daily
By Mish Schneider
Interest rates and the US dollar rose while the market went out on new highs. We can debate and speculate all day long on the Fed policy and how much the market cares or does not care about it. Better yet, how much the market believes or doesn’t believe the dovish sentiments. What we can sink our teeth into is how the market has been behaving ever since the idea of tapering began. A walk through recent history begins May 22nd on the suggestion of higher rates which began a flood of selling. But after a 5 month incline, it is now apparent that that was more of a good correction. Then, the market recovers and makes yet another new high 2 weeks ago. The next correction that we all waited for, never really materialized. Now, we are at new highs once again and it appears that rates are destined to go up; but since the market has such lofty sectors (techs, social media), so is the market. The ball and chain of higher rates is made of Styrofoam not lead.
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