The jobs report today was good, observes Pimco's Mohamed El-Erian, but markets won’t be...
The jobs report today was good, observes Pimco's Mohamed El-Erian, but markets won’t be able to push much higher until the economic fundamentals strengthen. “So far, we’ve had a rally based on chopping off the tails of catastrophe," he says. "But in order to keep going, we need the hand-off to fundamentals. And today’s employment report, while better, is not strong enough for that hand-off.” If fundamentals don't catch up to valuations soon, the equity markets will start coming down.
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