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As the pre-election ramp up in jobs data continues with this morning’s big beat, it appears good news is good news for stocks as the USD surges and bonds and bullion are dumped post-payrolls…
Rate hike odds are rising..
Stocks are modest winners as USD jumps and bonds and precious metals drop…
The Short-end is underperforming (+5bps post-payrolls) and the long-end is rallying back in a disappointed policy error-like manner…
VIX was flash-crashed on the print..
Stocks are also being helped by ths chaos in the healthcare industry and Bristol-Myers’ Opdivo drug fails to meet its goals in a lung cancer trial…sending Merck soaring…
Which has made The Dow the outperformer…
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