Do not buy into the Goldilocks narrative in this stock market, strategist warns

In case you needed evidence, the S&P 500 SPX, +1.47% , Dow DJIA, +0.79% and Nasdaq COMP, +2.02% proved that last week with all three in the red for five days in a row, which hasn’t happened since 2016.Of course, nobody — with a few bearish, and increasingly desperate, exceptions — is really pushing the panic button just yet. The market’s proven far too resilient to be thrown off by a few down days. Just look at Monday’s action.

Then, of course, there’s Friday’s disappointing jobs report, which registered the smallest gain in new jobs since September 2017. The market After some early weakness, the Dow DJIA, +0.79% managed to barely break into positive territory, following the S&P SPX, +1.47% and Nasdaq COMP, +2.02% solidly higher. Gold prices GCJ9, +0.28% felt some stiff risk-on headwinds and were down at last check. Crude oil CLJ9, +0.46% was rallying more than 1%. Europe stocks SXXP, +0.78% were under pressure much of the day, while Asia ADOW, +1.13% clawed back some gains in an upbeat session.

Tesla TSLA, +2.39% shares were rallying after the company backed off a bit of a promise to cut prices on all its cars and move sales online. The electric-car maker said it will likely keep significantly more physical stores open, which will halve the savings it had hoped to pass onto to customers. Worried about robots taking your job? Don’t be, according to Alexandria Ocasio-Cortez. “We should not be haunted by the specter of being automated out of work. . . . We should be excited by that,” she said in Austin, Tex. over the weekend. “But the reason we’re not excited by it is because we live in a society where if you don’t have a job, you are left to die. And that is, at its core, our problem.

The quote “At restaurant tonight waitress asks if we want straws. Says she has to ask now in fear of ‘THE STRAW POLICE.’ Welcome to Socialism in California!” — California Republican Devin Nunes, in a tweet Saturday evening.

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