Bill Blain: “Aside From The Jobs Report, What Else Is There To Say This Morning?”

‘You’re a cop. I had your job once. I was good at.’
Continued Upside! What does it mean? Short term complacency danger, but long term maybe soft bull?
It’s Payrolls Day! Clue: monthly payrolls are not a particularly reliable indicator, although the data-set has acquired a quasi-religious sentiment status despite being a unreliable single look-back data point amongst the deluge of information we can plough every day. (In fact, pretty much discount today’s payrolls: if they are positive they change nothing, negative and they will be dismissed as ‘hurricane distorted’ – look to the next release in November as more meaningful!)
Aside from the jobs report, I’m wondering what else there is to say this morning?
VIX at yet another record low. S&P sustains a record number of record highs. Market fully prepared and ready for a December hike. Even Spain rose yesterday – boosted by the perception of a Catalan pull-back. My bearish stock picking chum Steve Previs had to reset his shorts because of the market’s resilience.. My chums in the financials sector have gone all bullish (again) convinced higher rates are good for banks, ‘synchronised global growth’ means lower NPLs, and now we’ve got potential Fed Chair candidates actively supporting rolling back regulation. What can possibly good wrong?

This post was published at Zero Hedge on Oct 6, 2017.