Traders work on the floor of the New York Stock Exchange during the opening bell, Aug. 21, 2023.
Angela Weiss | AFP | Getty Images
People “in the business” don’t talk about stocks much anymore. Many have been blown out by the algo guys — those program computer traders — or they have decided it isn’t worth it to be anything but conservative. No heroics, with the exception of the one or two stock hunches or something exciting enough to merit selection.
Who can blame them? After a hideous week, one, it seems of many, we are starting to recognize that the 10-year Treasury yield at 4.4% or the 20-year Treasury yield at 4.7% are about as good as you are going to get right now. In an uncertain corporate world, where the Federal Reserve is not going to let up, despite what so many strategists and hedge fund managers think, it’s difficult to have much confidence in stocks. Treasurys are our nemesis.
We’ve been stuck in a period of “wrongness” to make up a word that defines how ridiculously incorrect almost everyone who talks about stocks has been.