The Gilmo Report

September 1, 2021

September 1, 2021 6:51 pm ET

A weak ADP Employment Change number of 374,000 jobs vs. expectations of 660,000 this morning kept Project Zimbabwe alive and well since the news was seen as helping to keep the Fed in easy-money mode which in turn is bullish for stocks. It is also a harbinger of perhaps a similarly weak Bureau of Labor Statistic jobs number on Friday, which is what the Fed has stated it is watching for signs of an over-heating economy.

Higher-PE techs and growth names led the charge early in the day as the NASDAQ Composite Index logged another all-time high. However, the rally faded into the close on a higher-volume churning and stalling day off the peak after a gap-up open. Amid all the ebullience, what with people on my Twitter page bragging about how much they are up, the action looked a little bit toppy to me, at least enough to get my Gilmo Sense tingling just a bit.

 

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