The economic news provided a two stage boost to the risk trade Friday morning. 

The first was the Jobs Report, which came out remarkably strong and bearish, but with a somewhat strained reading was viewed as bullish for risk assets, because of a less robust gain in wages. 

Some styled it as indicative of an 'immaculate disinflation.'

That boost was quickly fading, as most refused to believe it.

But at 10 AM the next stage of data, the ISM Manufacturing, and to a lesser extent employment, came in a bit light, and then we were off to the races.

The usual melt up and short squeeze de luxe ensued. My skeptical self tends to view this as the beginning of yet another wash and rinse cycle.  

Now all that is required, as it usually happens, is for some voice from the Fed, or additional data, to throw shade on the story that the Fed will begin to moderate its interest rate tightening.  It seems to be the way things are done these days.

But on a happy note gold and silver caught a rally bid as well, with the Dollar falling fairly hard.  

Gold has not yet broken out. Let's see how long this lasts.

The circus in the House of Representative continues, the Velvet Insurrection Part Deux.

And the band played on.

Have a pleasant weekend.

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