Having quietly limped back to retrace the jobs report losses, US equities were beginning to fade back in hurry when we tweeted the market's desparation for a POMO stick-save... sure enough, 2 minutes later, as POMO started, S&P 500 futures took off in an uninterrrupted 13 point surge higher (with bonds, FX, and gold all continuing their 'taper-on' post-payrolls trends ignoring the idiocy in stocks)...
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As an FYI - yesterday's closing VWAP was 1757 for S&P 500 futures and we suspect this is machines desperate to cover their costs on yesterday's selling... expect resistance..
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