Good ‘payrolls’ news is bad news again… Or is bad ‘productivity’ news also bad news?
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Futures show us the Deja Deja Vu all over again today – US pre-open pump… to dump…
On the day, Small Caps underperformed but the late day panic bid erased a lot of the losses…
Surprise!! Financials started to catch down to the flattening post-payrolls yield curve… BUT BUT BUT the clever man on TV said that this was the big rotation into financials??
Bonds rallied back into the green post-payrolls as crude and stocks tumbled…
VIX ‘soared’ over 12…(up 3 days in a row) pushing S&P back into The Twlight Zone…
Stocks recoupled lower with oil as it fell… though the late-day meltup was all stock algos…
Treasury yields kept tumbling (erasing losses post-payrolls)…
The USD Index slipped lower once again as everything strengthened against it aside from Cable…
With the USD erasing all payrolls gains…
Despite the USD weakness, Crude still lagged badly but PMs and Copper were bid…
Gold and Silver erased the payrolls plunge…
Crude legged lower after machines ran high stops first after DOE data showed builds for crude and distillates (and at Cushing)…and Saudi output at record highs did not help. Note the big volume flush across the NYMEX close…WTI ended 4.6% off ovenight highs…
Charts: Bloomberg
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