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The Non-Farm Payrolls report came in much 'hotter' than expected this morning.

And that triggered a reaction in the market with regard to the timing and size of interest rate cuts by the Fed this year.

And so stocks fell, rather sharply, and put in another lower low to go with its recent trend of lower highs and lower lows.

Not constructive for the bull market narrative in equities.

Gold and silver rallied sharply higher along with the US Dollar.

I'm not quite sure how to explain that one, except that together with the rising VIX it looked like a 'flight to safety' provoked by uncertainty of what Big Daddy Fed may do next.

We will have a minor stock option expiration next Friday.

This market is one accident away from a meltdown.

The mispricing of risks is going to have its effect.

Have a pleasant weekend.

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