NFP came in at 266K, smashing expectations of 183K. Wage growth held steady at +3.1% overall and +3.7% for non-supervisory.  Bottom line, a strong report that any argument for additional Fed rate cuts. The market will have to be content with not-QE.

continued for members…The bigger picture shows ES reaching its .786……with SPX likely to do the same on the open.  If the .786 is busted, the .886 at 3144.69 is a decent target.  Obviously, either busts the C=A scenario which targeted 3047.VIX has dropped well under its SMA200… …and notes are continuing to approach their SMA200 as rates got a small bump.

The 2s10s continues to go sideways — not standing in the way of further equity upside.About the only thing bears have going for them is the oil market.  CL and RB have both still failed to breakout as we await news from OPEC in Vienna. Both remain in backtest mode. As I mentioned earlier this week, I will be out of the office today. I hope to have an opportunity to post before the close from the road.

GLTA.