Payrolls: First Drop Since 2010

Everyone expected the hurricanes to affect job growth, but I didn’t see many forecasts of an actual contraction

It remains to be seen what happens beyond the initial knee-jerk data.  But, for now, the currency markets are going crazy — with the dollar and USDJPY spiking higher in an attempt to offset the plunge (well…the 2017 version at least) in equity futures.

The positive side of this development is that gold, oil and gas are following our playbook nicely.

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