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Below is a chart of Las Vegas Sands, which has a head and shoulders pattern that is about 90% done. I’ll refrain from expressing again my opinion about Las Vegas, which I consider to be basically the embodiment of Hell, and instead simply state I am the proud owner of January $65 puts.
After the weak jobs report came out, all assets exploded higher. As I type this, about an hour into the trading day and about two hours after the data, every single stock index is still green (with the small caps up well over a full percentage point), but I’m intrigued by what’s going on with the bonds, which are NOT buying the “new bull market” schtick. Yes, they had a pop at first, but it was followed by a fairly meaningful drop.
The monthly jobs report came out, and it has created exactly the kind of start that the bulls wanted. Weaker earnings. Weaker employment. High probability that the Fed is going to stop cranking rates.
