Important Update

Yesterday I had very consistent data for a bounce which I expected today, the data was also consistent in how weak it was. In last night's post, Thursday's Wrap I made all of the data available for you to see. After today's NFP blowing away consensus on what was suppose to be a non-event, the market would not have liked that whatsoever because healthier employment data makes tapering more likely, but you saw what happened, first destruction, then a ramp.

This confirms that the data seen yesterday was real, it was based on something (a cycle, a bounce, maybe even an op-ex pin, but something real was behind the data) otherwise I doubt the market would be in the position it is in with such a stunning blowout of consensus.

I'm not posting them for now because it's too much time and I have a lot to look at, but I did look at the very same leading indicators that told me it was likely we'd be up today and they look EXACTLY the opposite as yesterday SO FAR, there's still plenty of room in the day and closing prints can be very different, plus after 2 pm or so on an op-ex Friday is when the pin starts to release and the market starts acting on its own with no other forces controlling where it goes.

So far, High Yield Credit is negative vs the SPX, Junk Credit is negative, HYG is negative (these were all positive intraday yesterday), Yields are in line and not really saying anything, the sentiment indicators that were positive yesterday are both negative today and commodities are in line.

So we have virtually the EXACT opposite today as we had yesterday.

I thought I saw somewhere earlier, maybe an email, that Bernie was to speak after the close today, if you have information on that I'd appreciate it. Some say he may make a compromise on interest rates that the market will like to offset the disappointment in earlier than expected QE tapering, now expected December, but they've been wrong almost every time.

If indeed Bernie is speaking AH today, I'd really like to know, I've looked through the news and don't see anything about it so if you know, please email me.

Other than that, the market starts to change right about now as most options contracts are closed out so I'll be paying attention.

CONTEXT is positive by +16, down from +30 earlier, I'm not sure where that's coming from, not credit, but I'll be looking.

I'm also going to make a run through assets and possible trades, but I really want to have a finger on the pulse of the signal we got yesterday and move today despite the NFP, there's something planned and executed and not even an NFP that was nearly DOUBLE consensus could stop it.