NFP came in a nearly double expectations: 254k versus 130k expected. The unemployment rate dropped from 4.2% to 4.1%. Altogether, it was a very hot report that might have been expected to dampen expectations regarding the next FOMC rate cut. But, the algos are currently in a “good news is good news” mood, so futures are up sharply.
continued for members…
The price action reinforces our expectation that stocks will continue to climb the backtest to one of our upside targets.
more later…