Good morning, everyone. Well, the Frankenstein’s Laboratory located in the Eccles Building continues to fail. The government’s efforts to concoct a perfect economy continues to miss the mark, as this morning’s jobs report clearly shows. Indeed, take a look at the spread between expectations (gold bar) and reality (blue bar). Notice how those giant white gaps keep appearing more frequently? Those are failures. Big ones, too.
It’s odd to me. Millions upon millions of jobs are going absolutely begging. As are, strangely, the people I see on highway medians with cardboard signs. Where’s the mismatch? Skills? Desire? Values? All I know is that a person capable of flipping hamburgers can score $20 an hour and a $1,000 signing bonus where I live, and yet people are still on the street.
As for the effects of this lame-o jobs report on the market, as of this moment (minutes before the opening bell) equities are down a little. The ES seems to have some amount of respect for the resistance line I’ve pointed out here:
The bonds are tumbling again, which to me is counter-intuitive. If the jobs market is so weak, doesn’t that mean the Fed is less likely to raise rates? I don’t get it. But you can’t argue with the market data:
As for crypto (BTC futures in particular), my totally ghey rainbow was so incredibly on-the-mark, it’s a delight. The rainbow failure was literally over $20,000 ago. A moment of silence for the crew last night who paid jacked-up prices for BTC (I’m sure based on some pledges of “institutional support”) only to see it collapse just as quickly. What a chart, huh? I don’t think I’ve ever seen its equal.