sp'monthly, rainbow
sp'daily3 - news to come
Summary
The market is looking for monthly job gains - to be issued Friday 8.30am EST, of 113,000. I'd guess so long as the number is not below 75k, the market will consider it 'acceptable'. After all, things like 'employment as % of population' doesn't seem to matter anymore. So long as the headline number continues its slow descent, the media will tout it as evidence that the Fed's actions are working.
October is of course notorious for sharp downside moves, but considering the style of movement in the VIX lately, it sure doesn't look like the market is even capable of more than 3% downside in an entire cycle.With the daily index cycles now battling higher, the bulls are back in control.
All those touting for year end sp' targets in the 1500s, could see them met as early as next week.
For those currently short, this is indeed as bizarre, as it is sickening.
Goodnight from London