Hey friend,
We got the usual weekly jobless claims this morning.
At 203,000 it came in lower than expectations and last week’s figures.
Let’s see how the markets have been moving.
The Daily Direction
Note: All indexes closed flat yesterday but opened higher this morning – keeping all index directions upward.
The Daily Nugget
Don’t confuse confidence with accuracy.
Some people are very good at sounding certain.
That doesn’t mean they’re right.
You see it constantly in markets.
An analyst puts out a price target and sounds completely convinced.
A strategist makes a big macro call.
A trader builds a whole case around why a stock has to go higher.
The problem starts when that confidence becomes harder to change than the facts.
Maybe the original thesis was reasonable.
Then six months pass.
Earnings estimates move.
Demand changes.
Margins improve.
The economy comes in stronger than expected.
At some point, sticking with the old view isn’t discipline anymore.
It’s stubbornness.
We’ve seen a good example of that this year.
Wall Street came into 2026 with one set of earnings expectations.
As the numbers came in better, analysts had to keep raising them.
That’s exactly what they should do.
A forecast is only as good as the information behind it.
So when you have a strong opinion on a stock, ask yourself one question:
What would make me change my mind?
If you don’t have an answer, you probably don’t have conviction.
You have attachment.
The market doesn’t care how confident you sounded when you made the call.
It only cares whether the facts still support it.
The Traders Agency Team
