Initial jobless claims, released Thursday, soared to 3.28 million, shattering the previous record by many multiples.
My longtime readers know that initial jobless claims carry a heavy weight in my asset allocation model. The reason is that it’s a leading indicator, and the government publishes it weekly, not monthly as it does the unemployment report.
However, this time, the devastating number is already discounted in the stock market. Consider ignoring it just this time and instead focus on the secret of the rich in the stock market.
The wealthy who are successful in the stock market have an important secret that everybody can easily understand. Most investment advisers and money managers know the secret, but many have difficulty putting it into practice. Those not