The monthly jobs report came out – – certainly the most anticipated report of the week – – and job losses were far smaller than anticipated. The /ES went from being pretty much flat to being up 14 points within a matter of moments.
The curious thing to me is how EUR/USD went the opposite direction. Given the high correlation between EUR/USD and /ES over the past few months, it borders on the remarkable.
So it looks like yesterday's exciting last-hour tumble is example #5,392 of nothing more than a temporary blip. The /ES is looking terribly strong right now although the decoupling of the EUR/USD merits observation.
