• Russell 2000 (RUT): +2.67%
• Nasdaq Composite (COMPQ): +1.74%
• Dow Jones Industrial Average (DJI): +1.70%
• S&P 500 (SPX): +1.89%

Year-to-Date

• S&P Top 50 +26%
• S&P 100: +20%
• S&P 500: +13%
• S&P 500 Equal-Weight: +0%

Talk about “Green shoots.” Just about every stock in the S&P 500 finished higher on the session. For the year, big has been beautiful, and for all the complaining about the so-called “Magnificent Seven” when weighing the S&P names equally, there is zero gain on the year.

Yesterday was another vigorous session for the market, which is staging a fierce rally just as it appeared the bottom was falling out. All eleven sectors finished the session higher. Financials (XLF) enjoyed a strong session. 

Regional banks surged 5.57% and climbed over the 200-day moving average. 

There was a sharp spike in names trading above their 200-day moving average.

The S&P 500 enjoyed an intense session and is within striking distance of the 50-day moving average.

Bond Market

TLT moved higher, but this stealth three-year slump will not be resolved overnight.

Today’s Session

The jobs report was a huge miss, which is music to the Fed's ears. This is what they want and will get them to stop sabotaging the economy. However, it is difficult on main street. In October, 150,000 jobs were created, way below the estimates for 180,000 and below the monthly average year over year of 285,000.  The UAW strike was a contributor, weighing on manufacturing jobs.

• Only 99,000 private sector jobs
• More than 200,000 left labor force
• 218,000 working PT for economic reasons
• Hourly wages up fractionally month to month 

 

Additionally, September was revised lower to 297,000. The unemployment rate rose to 3.9% in October, up from 3.8% in September, and above expectations. The number of people unemployed rose 146,000 to 6,500,000. 

October	Actual	Consensus	Prior	Revised
Average Hourly Earnings M/M	0.2%	0.3%	0.2%	0.3%
Average Hourly Earnings Y/Y	4.1%	4.0%	4.2%	4.3%
Average Weekly Hours All Employees	34.3	34.4	34.4	--
Labor Force Participation Rate	62.7%	62.8%	62.8%	--

The market is reacting to the jobs’ number positively, and all the major indices are higher.  Yields are down with the 10-year nearing 4.5%, a steep drop from 4.83% earlier in the week. 

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