The monthly jobs report, considered in some quarters the most important data point so far of the year, came out, and it was pretty close to predictions:
I was snuggled up in bed with Duke on one side and my iPad on the other watching anxiously for the market’s reaction. The moment the jobs report hit, the /NQ blasted higher by triple digits and the /ES was up about 40. At that point, even though the data was unchanged, the market’s interpretation of it certainly did, and everything began to crumble. As of this moment (about 10 minutes before the opening bell) every single equity futures market is red.
I have a medium-sized short position in FXI, and I’m glad I didn’t peek at it around midnight, because the thing blasted higher. Mercifully, that ascent has also been eviscerated.
I also have June puts on gold, by way of GLD, and it is aping equities inasmuch as it zipped higher briefly but is now slightly in the red.
I am relatively aggressively positioned right now, with 13 bearish options positions (puts on equities ranging from June to next January) and one bearish short (FXI, mentioned above). It actually looks like a fairly mellow day ahead, and I wish you good luck out there amidst the trenches!
