Markets, it would seem, are choosing to ignore Mark Zandi’s sage advice this morning – when faced with yet another example of his ineptly over-optimistic extrapolation “ignore this number – it’s going to go away.” Stocks had slowly melted up overnight with S&P futures almost back to unchanged on the year and that gain was instantly vaporized on the NFP print – but shortly after bagen to recover losses. Treasury yields have collapsed with 10Y at 2.88%. Gold and silver – which were twitchy going into the number – have surged higher with gold at $1240. The USD is being sold with JPY and EUR strength. It seems the recognition that bad news is bad news in the new “Yellen collar” world is growing on investors. Of course this can change any second…
Initial kneejerk
then bounce to VWAP…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/jbnUMuOLw9E/story01.htm Tyler Durden