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The improvement in weekly unemployment claims has been dramatic. Businesses have done most of the cost-cutting that they needed to. The next shoe to drop will be a pickup in hiring, which at this point seems inevitable.
The equity market has responded to the improving fundamentals in the jobs market. The market is being driven by improvement in the fundamentals, not by unwarranted or excessive optimism. This has the makings of an enduring rally, or one that might be termed "a slow melt-up."
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