Not Another Useless NFP Note

I will not do that to you, dear reader.  The market has already swiftly delivered its judgement.

There are enough estimates and commentary out there to look at (both before and after the print) till your heart is content and your ears are full of noise.

Currently, I am more concerned with the weekly earnings data set to be released later this morning after the NFP fireworks.

• If aggregate earnings don’t appear to be falling apart, the odds of a year-end rally go up.

• More so if the handful of big tech names that have carried the market this year are not only able to deliver on expectations but smash them and raise guidance.

• More so if the current post-NFP pullback turns into a full-blown correction in equities and opens up a value gap between earnings and prices.

So, what are the chances?  Well let’s have a look...