The jobs print came in at a stunning 23K drop (versus a consensus +86K gain.)

It was stunning because it potentially represents a change in strategy by the White House. Are they finally willing to admit a less than stellar job market in order to force interest rates lower and stock prices higher?

It helped to force VIX to the lowest value since early January.  From the 18.43 backtest of the SMA200 two sessions ago to new lows? Yeah, okay. Why not?

Even though the 10Y cratered on the print, it didn’t break down below the TL from mid-June.  Remember, the cycle high was 4.75% at the end of July. So, 4.60 is a nice move. But, even if the trend line fails, we still have the SMA200 support just below at 4.58%.

This being Friday, it wouldn’t be surprising to see some truth about the lack of a deal in Iran sneak out…followed, of course, by a social media post before the market opens on Monday that we are ever so close to a great deal.