Stockmarket Cycles publisher and editor Peter Eliades says he's bearish as a very low unemployment rate could create 'one of the great tops in market history.'
to the lowest pace in two years, but the labor market remained resilient in the face of higher interest rates, scorching-hot inflation and mounting recession fears.
Following December's jobs report, Stockmarket Cycles publisher and editor Peter Eliades is now a"vicious and ferocious growling bear" on the market, he said on"Cavuto: Coast to Coast" Monday.in December, the Labor Department said in its monthly payroll report released Friday, topping the 200,000 jobs forecast by Refinitiv economists.
"That's one of the lowest readings in the last oh, gosh, 60 years. You just don't get down to 3.5% that often," Eliades said. "Except the problem is, it works exactly the way your instinct might tell you it would work: very low unemployment numbers are usually very bearish for the market." From the 1970s to 1990s, Eliades noted there was never an unemployment reading like December’s recent low. But when unemployment hit just below 4% in April 2000, "that was one of the great tops in market history. The NASDAQ went down 80, 90% from there, so this a huge bear market," he said.
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