The jobs report just came out, and it was stronger than expected. For whatever statistical reasons the BLS may have, the unemployment rate has slipped higher from 3.8% to 4.0%. Thus, as I’m typing this, interest rates are easing back a little, and equities seem to be winding up for a breakout from a base. In the case of the ES, a level of about 2748:
And for the NASDAQ, something close to 7160:
Interestingly, the bonds (/ZB) have been following a fairly clean pattern all year long. They seem to be approaching an important reversal point with today’s buying.
And, as some of you are already aware, news FAR more important than the monthly jobs report was also released this morning:
