Happy Friday, everyone. The jobs report came out, and it was relatively strong (forecast is the number on the right, and actual the number on the left).
![](https://slopeofhope.com/wp-content/uploads/2023/06/emm-640x165.png)
As is often the case, it took a few moments for the market to figure out what to do with this data, but on the whole it took it as a positive. As I am typing these words, all the equity futures are green. The /ES, below, jolted lower briefly but is now once at its highest level in the past ten months.
![](https://slopeofhope.com/wp-content/uploads/2023/06/esjolty-640x454.png)
Looking at more of the /ES, you can see that last night we pushed above the highs from last weekend’s “debt ceiling deal” pop.
![](https://slopeofhope.com/wp-content/uploads/2023/06/espop-640x355.png)
The /NQ is less exuberant. It is up also, but only about one-fifth as much as, let’s say, the small caps.
![](https://slopeofhope.com/wp-content/uploads/2023/06/nqwek-640x379.png)
In light of the strong jobs report, bonds sold off.
![](https://slopeofhope.com/wp-content/uploads/2023/06/bonddown-640x412.png)
And gold is particularly weak on the news.
![](https://slopeofhope.com/wp-content/uploads/2023/06/gcdown-640x537.png)
And, with all that, the few atoms of fear that might have been left have vanished, and the VIX is threatening to even get to a 14-hande (as I offer a gentle reminder we were at nearly 40 on the VIX last year).
![](https://slopeofhope.com/wp-content/uploads/2023/06/vixlow-640x504.png)
I’m going into the day fairly heavy. I took profits on Wednesday in my personal account, so that’s been 100% cash since then (mercifully). In my big account, I’m still at 10% cash, but I’ll probably trim a position or three if things still look ugly for me.