When you exaggerate the strength of the job market, as this administration consistently does, you make people nervous about the possibility of a Fed hike rather than the cuts that bulls have been promising for years. This morning’s 172,000 print is having that effect, at least so far.

I don’t really expect a hike unless Trump continues to fumble the war on Iran and oil prices remain north of $90. In fact, the  market is executing a hike for the Fed at the moment (note the 5/22 gap close)…

…and of course it’s spilling over into the currency markets…

…even without an increase in oil and gas prices.

Last, I would be remiss to not mention NVDA. At 10% of the NDX, it’s an unmistakable bellweather. It still owes us a backtest of 153.

This decline clearly has the potential to accelerate.

Stay tuned…