The monthly jobs report came out, and the ostensible unemployment rate continues to tumble, down to 8.4% now. Keep in mind, there is only one job report left between now and the Election. Incredible, yes? In any case, the rate is tumbling faster than forecsat.
![UnEm](https://slopeofhope.com/wp-content/uploads/2020/09/UnEm-640x247.jpg)
This good news is giving interest rates room to breathe, and bonds are thus sinking lower.
![zb](https://slopeofhope.com/wp-content/uploads/2020/09/zb-640x381.png)
This feels a lot like yesterday morning, I must say. In short: weak tech, strong everything else. So as we look to the small caps, they are up well over 1% as I am typing this.
![rty](https://slopeofhope.com/wp-content/uploads/2020/09/rty-640x379.png)
The NQ, on the other hand, is down nearly triple digits.
![nq](https://slopeofhope.com/wp-content/uploads/2020/09/nq-640x380.png)
It seems there is quite a bit of froth being blown off the beer steins of megacaps and tech high-fliers. Take Tesla (please!) Over just three days – – from the wee hours of Wednesday morning versus right now – – the stock lost 30%. Thirty Percent! I mean, sheesh! That is a serious bite!
![tsla](https://slopeofhope.com/wp-content/uploads/2020/09/tsla-640x383.png)
I lightened up yesterday. I had three put positions – – XME, IWM, and SPY. I just hung on to SPY puts for the moment (November expiration). In my equity portfolio, I’ve got 50 positions and a 134% commitment level.
Good luck out there!