Market After Payrolls

After strong runs in the FX and the equity categories and a tough but significant drop in long Treasuries, a few important observations.

5 year and 10 year Ts have only dropped into the "trap gap" support of the older patterns. This should bring consolidating reversals into Tuesday. The next - and our minds real - important data point will be Retail Sales. Our end Aug-early Sep surveys showed significant traffic that has been confirmed since in other metrics--like the Retail ETF (on Hooper page).

Pause, stretch, cleansing breath

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