Late last night, the FAA announced that El Paso International Airport would be closed to all incoming and outgoing flights for the next 10 days. The only reason I can think of for such an action is that the US would be flying into Mexico to apprehend some drug kingpin, Venezuela style. Moments ago, they announced that the closure had been revoked – presumably because whatever security emergency had existed no longer exists. Just another day…

Meanwhile, less than a week after the largest number of job cuts in any January since 2009, a very positive job growth print was released (+130K versus 55K expected, 4.3% versus 4.4% expected.) Note that the job cuts data came from private outplacement firm Challenger, Gray & Christmas and the job growth print comes to us from the data-made-to-order folks at the BLS.

The futures think this is just fine and have soared by nearly 40 points…

…ignoring the shooting star candle that the DJIA left in its wake yesterday.

The only problem with this jobs data, of course, is that it shoots the odds of a Fed rate cut in the foot. It also suggests that the inflation print coming out Friday will be lower than expected.

While numerous indicators still suggest a significant/imminent downturn, VX is doing its level best to prevent a meltdown.

Stay tuned…