Waiting for the July Jobs Report

Mid-week market update: The July Employment Report has the potential to be a game changer in how the market perceives the recovery. Estimates of job gains are all over the place, and the median stands at 1.5 million.

High frequency economic data has been weakening, and I am inclined to taken the "under" consensus on the print. This could be a big negative surprise for the market and spark a risk-off episode.

The full post can be found here.