Watch your longsSignificant bearish divergence on the Weekly RSI. Probably time to start taking some profits on those longs if you've not already done so.
Recession rant: Are we due for a recession? OF COURSE WE ARE. Why? It's simple... nobody wants to work. Powell can cut rates all he wants and unemployment will keep rising not because there aren't enough jobs to go around, it's because ppl don't want to work.
I live in a condo/hotel that's busy around the clock. Yet downstairs there's a cafe that's part of the hotel that's been shuttered since COVID. I asked management why they've never reopened and they say it's due to staffing issues. Major red flag to me... that a high-end hotel that can afford to pay its staff premium wages can't find enough workers despite overwhelming demand for services. Around me are 2 highrises leased by Google. They've remained vacant since the pandemic. Nobody wants to return to the office because they would then have to actually work... boohoo.
The impression that our workforce has cast unto themselves that they are "just as productive at home" is complete delusion. If you haven't experienced a palpable drop in quality in almost EVERYTHING from groceries to web apps, then I dunno what to tell you. Productivity and expectation of is at an all time low... despite the market being at an all time high. The zeitgeist of the public isn't going to change overnight, it's gonna take some lean times to make people readjust what they're willing to accommodate. All I know is that the combination of AI eliminating jobs, rising unemployment, and the general lethargy from the workforce feel like ingredients to a cocktail in the form of a prolonged and painful economic recession.
