NFP Beats

Non-Farm Payrolls came in just right, 114k on consensus of 115k , a slight beat that sends the unemployment rate to 7.8% on consensus of 8.2!?!?

Last month's 30 year low in the Labor Force Participation Rate bumped up from the 65.6 to 65.5.

Something is a little out of place, but that's not my concern, after all it is an election year.

 The initial knee jerk reaction is a 7+ point move higher in ES Futures, about the same as what we've seen since the close yesterday.

There was a small positive divergence at the 5 a.m. lows, everything else is about in line.

I know it would be a hard habit to break since for so long "Bad news was good news" was the line, but I do wonder after the F_O_M_C talked about their possible new yardstick for policy if we'll see a "Good news is bad" reversal?