What a difference a day makes. Or, in this case, just a few minutes. The futures before the hot jobs report…
…and, after.
The number of jobs exceeded expectations. But, it was the 0.6% increase in average hourly wages that should convince the Fed not to slow their tightening.
Since the hopes of a slowdown in rate hikes can produce a 167-point rally, wouldn’t the dashing of those hopes be worth an equivalent move to the downside? Fair question.
The answer lies with the algos, which are busy thinking up another bullish rationalization to justify their refusal to sell off. Hammering VIX to new lows should do the trick for now.
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