Having heard the great and good declare this morning’s “beat” on the headline NFP data as indicative of 1) the recovery is awesome; 2) the reason why stocks have been rallying; and 3) the recovery is awesome… it appears between a rising unemployment rate, tumbling average hourly earnings, and Gazprom’s threat in Europe, stocks are taking this “good news” as “bad news.” Confirmed by Hilsenrath that the taper is on – which is what bonds, gold, and the dollar appeared to be saying – the S&P 500 having spiked 10 points is now 13 points off its highs and in the red for the day…
via Zero Hedge http://ift.tt/1f6IC5t Tyler Durden