Wow, we just had a blow-out jobs report and the market is loving it. Futures are flying, everybody on CNBC is smiling, and shorts and non-believers are probably scrambling to get long.
08:32 S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +14.0.
Futures market zooms higher following the much better than expected Oct nonfarm payrolls number… 337K jobs were added during the month, and Sept was revised higher by 43K… As a result, the indices are now set for a moderately higher open… The treasury market, conversely, has been slammed on the news – the 10-year note down 40 ticks, bringing its yield to 4.21%.
POW! BAM! POOF! goes the job report
WOW! I was not anticipating the October job report to be this strong! A surprisingly strong 337,000 jobs were added to payrolls last month - twice the 169,000-job growth that Wall Street economists had forecast. However, the unemployment rate e…