From Global Economic Analysis:

In this morning's Breakfast with Dave, Rosenberg makes Five Points on the Markets, Earnings, Economy.

1. This remains a hope-based rally (with strong technicals). I say that because during this six-month 50%+ rally in the S&P 500, the U.S. economy has shed 2.4 million jobs, which is almost as many as we lost during the entire 2001-02 tech wreck - in just six months.

The market’s ability to shrug off the loss of 2.4 million jobs is either a sign that it is treating this as old news or sees the cost-cutting as good news for profits.

Either way, what we are seeing transpire is without precedent - the magnitude of the employment slide versus the magnitude of the market advance. Truly fascinating stuff.

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