September is on
Well we waited all week for the main jobs numbers and there was lots of confusion around the mixed report. Everyone looked at the U-rate first then the revisions hit. The real detail was clouded by the Hollywood strike and the Bankruptcy of Yellow corp.. So we would have gotten a hotter number which eventually pushed yields higher. The 10yr yield made up all the losses today and made a new intraday high. I’m sure the bond shorts were a little relieved. There was a big move between indexes as Tech stocks got sold which caused the divergence to grow between the Russell 2k and NDX. This was helped by a cyclical slant to the market where Energy, materials, fins & Industrials led the way. We also saw short baskets & expensive tech rally as some of the magnificent 7 underperformed the market. Volumes are uninspiring as expected with plenty heading to the beach to enjoy the long US weekend..
So what stood out..