With today being a non-POMO day (more a YOYO - you're on your own), we suspect the spike in stocks following what was by all counts a mediocre jobs print will not last (until that is it has banged 1950 in cash and taken Goldman's targets out). Bond yields spiked and are now 2bps lower... bad news is good news, good news is good news, and mediocre news is good news... welcome to the new normal...
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Of course stocks being up confirms the meme that everything is great and the Taper can proceed which appears the crucial thing holding the status quo together now... as Fed's Willaims explained last night - financial stability (rsing asset prices) is as crucial as growth and inflation