Most of the stock bubbles are only from the several dozens of large techs. If you take those 100 companies out, most of the markets are still healthy. A lot of the stock prices are still below pre-pandemic levels. I see some stock pickers go into those stocks. All those traders' darlings over the past 2-3 years have more room to fall. That is healthy for the entire markets. I like to see those bubbles bursting. Then good cash goes into the undervalued stocks. I'll be happy to buy the dips into those companies that have stable and positive cash flows and will benefits from the endemic. Energy is clearly one of them. Some banks too.
Only way you'll get that is if we return to the days of a Fed Funds rate over 10%. Seems very unlikely, but that's probably what they thought the first time around.
Jobs report was too good. Will have to get more aggressive with rate hikes to curb inflation. This market is cooked.