Mid-week market update: The delayed Jobs Report came in much higher than expectations this morning. The knee-jerk reaction in the pre-opening hours was risk-on, but the market reconsidered its view and pulled back after the open.
Once again, the S&P 500 has failed to break out to the upside, though the equal-weighted S&P 500 achieved an all-time high, and non-U.S. stocks are in a well-defined uptrend. The VVIX, or the volatility of the VIX, remains above the key 100 level, indicating continued market anxiety.
I interpret these conditions as a high degree of vulnerability to a short-term setback.
The full post can be found here.
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