The market went up today. Huzzah. Several liberal readers say “there’s your bobbing for you!” in response to yesterday’s post.

Yes, but is this bobbing or is this the natural bouncing of a stone as it careens down a hillside?

Fingers crossed.

Update: Yes, I know that the technical term is a “dead cat bounce” but I didn’t want to set off John Hood.

Update II: From a reader:

Jonah,
Haven’t you been watching the market on its slip-sliding away? It
goes down a few hundred points, you get a frenzy of bargain hunters,
and then the next day you have sell-offs for profit taking. Repeat.
That is bobbing up and down, but mostly down. There is no news that
portends any change in direction. And I don’t think the POTUS’ blase
attitude about a 25% drop in value since the year began (and more than
half of it on his watch – I did the math) is helping rally the
markets.
Of course I have a sneaking suspicion that he wouldn’t mind if the
markets fail more. Then he can have a freer (more free?) hand to make
sweeping changes that are desperately needed during this crisis – and
for the forseeable future.
A coworker decided he is going to invest in the markets around
May-June. When asked why then, he said he threw a dart. It is makes
more sense than what our government seems to be doing, and at least he
can explain his position.
Thanks,
Joe