Salient to Investors:

Michael Gurka at Spectrum Asset Mgmt says the market should be considerably lower.  The first clue is market resistance at the 3% yield. Gurka sees a lot of overlaps with the 1987 crisis, while today’s jobs number does not make sense and shows what a tangled web we have weaved.

Gurka said the Fed will taper just to address the issue and get the ball rolling because it does not want to support the market any more with these bond purchases and the propping up equities.

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