By Tyler Durden
With the memory of a goldilocks still in the back in investors’ minds, this Friday’s payrolls data has somehow been demoted from critical import in the bull’s narrative (hey look over here at earnings growth…). However, as former fund manager Richard Breslow notes, that is a mistake traders should not make – Friday’s jobs data will still be a big event.
We live in a world that fixates on every economic release and then parses in minute detail the deeper meaning of every beat or miss. So it’s more than odd to hear a lot of people tell me this coming Friday’s non-farm payrolls report isn’t that big a deal. It’s understandable why that might be a popular opinion. But it’s wrong. These numbers are getting more, not less, important.
The argument runs something along the lines of “Ho hum. Another big print with no signs of inflation and therefore nothing to be learned here.” The dot debate to be continued as before. The flip-side is that we are here in bonds, equities and the dollar largely because of this continuing and confusing set of details. And few traders would argue that any of these markets look at all stable given …read more