The strength was facilitated by the industrial and commodity related names. The jump was due to the market realization of China's subtle stimulus. Chatter got louder on around $150B worth. IMO, this provided the support to the market.
Market strength was also supported by the firmness of the 10yr treasury.
This trading dynamic is far different from what we saw in April. A poor jobs number was the catalyst to the harsh market correction.
I am really not sure why the 10yr acted better this go around. But a closer look at the job numbers suggest china's stimulus may facilitate the jobs picture.
Private jobs saw an increase of 103K, with the high reductions within Goods-Producing.
Gotta respect the market action, but I will still be paying close attention to the Employment figures and Jobless claims.
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