The last monthly jobs report of 2023 is out, and at the moment, the bulls aren’t thrilled. Earnings are stronger than anticipated:
There were more hires than anticipated:
And the unemployment rate is lower:
In the few minutes between the data release and my typing this post, equity futures have been all over the map. They fell hard first, and as of this immediately moment, the /ES is still down, but only by a fifth of a percent.
The /NQ has been playing jump-rope with its Fibonacci all week.
Whereas bonds are actually having what looks like a sustainable sell-off.
It’s totally unclear how this is going to shake out, since the /RTY has already gone from (i) plunging to (ii) soaring in the span of minutes. The market is still digesting the news, so let’s check in again once the cash market opens.
