☕ Weak jobs, weaker Nike, but strong markets

Good morning! 👋 

It’s Hayley here, as Keith is currently somewhere at 35,000 ft. 

The U.S. added just 29,000 jobs in September, about a third of the 84,000 economists expected. (Read) 

Unemployment ticked up to 4.2%. And July and August were revised lower, too. 

And yet, markets are all green on the screen this morning – meaning all three indices (Dow, S&P 500 and Nasdaq) are positive. 

Bad news is good news again.  

Right on cue, yields dropped because traders think the Fed is now more likely to sit on its hands at the end of the month rather than raise rates again. 

Keith has asked me to tell you that worrying about WWWD (What Will Warsh Do) is a waste of your time.  

Hike, hold, or cut, the best companies keep making money, just as they always have.  

So focus on the ones that don't give a rip what the Fed does next, not the companies that live and die by it.  

Speaking of which, Nike reported yesterday: declining revenue overall, with Greater China sales down 26% year over year by Nike's count, more layoffs coming, and a gloomy guidance. 

The stock is currently sitting around 13-year lows.  

Ouch. 🤦‍♂️ 

Keith has repeatedly warned against Nike, going back to September 2021, when he said owning the shares "could be riskier than many think." (See #2) And just a few days ago with Stuart Varney, when Keith said he wouldn't buy the dip. (Watch) 

Keith's Investing Tip: Sometimes what you don't buy is every bit as important as what you do.  

There are a handful of companies that are making “must have” products and services and creating gobs of profit potential along the way for those on board.  

We talk about many of ‘em in One Bar Ahead®. 

Btw if you’re an OBAer, keep an eye on your inbox as in the next few hours you will receive this week's AMAs along with the October Issue, which is packed with a new recommendation, new research, and actionable ideas!  

There will be more profits created in the next 10 years than the last 50 combined. 

Bottom Line 

You got this — I promise.  

As always, let’s MAKE it a great day and finish the week strong!  

Hayley 😀