The collision of global markets and social mood

Friday, March 10, 2017

Friday -- NFP Friday

S&P E-mini Futures:
Yesterday's late rally continued overnight.

Social Mood:
Fat, happy cats.

U.S. Household Net Worth Reaches Record $92.8 Trillion

U.S. Consumer Comfort Just Reached Its Highest Level in a Decade

Not so much comfort in Italy's bond market, the third largest in the world, where Italian 10-yr yields keep rising.

NFP 235K vs expectations of 200K. The Fed needs to hike or else show the world it's not ready for prime time.

Elsewhere, seems the Ring Of Fire may be getting even hotter:

JPY notably weaker. USD trying to bounce after rough day yesterday. Took a big hit post-NFP though. Odd, unless the Fed is going to choke again.

Bitcoin ripping, up over 7% after hitting the 1325 record level.

5s & 30s joined the downside party with 2s yesterday, so 10s are now the lone holdout.

Price higher post-NFP but swinging wildly.

WTI crude stumbled further but the rising wedge still has not broken. Higher this morning. NG rallying another 1%.

Gold, silver, and palladium down. Copper and platinum higher.

S&P Outlook:
Price got above 2368.20 but Sunday's full moon continued its gravitational pull too new lows anyway -- but still not with an impulsive structure.

Even the sharp afternoon decline was entirely taken back.

The lower gap at 2351.16 was missed.

That gap and the 38% Fib support level at 2349.88 could easily become a target in a few days if the market is creating an ABC correction.

For example, perhaps yesterday was just "A" with B and C to follow.

To the upside, there is potential for a pretty nice rally. A cluster of targets exists around the 61.8% retracement at 2383.24, the 2383.89 swing point, and a gap at 2383.12.

Post-NFP there are some weird moves in USD & treasuries inconsistent with the higher rate narrative.

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