Stealthily, Today Is A Huge "Risk On" Day

It’s pretty remarkable how bullish the action is today.

If you didn’t know that we got a horrible thud of a jobs report this morning, you’d look at the markets and see:

A surging euro. Surging precious metals. Surging industrial. Falling dollar. Narrowing Spanish spreads, etc. Every “risk on” indicator is flashing green. Well, what about stocks? They’re lagging, though if you go back and look at where they were right after the jobs report, they’re doing well.


And here’s 10-year bond futures, which are up, though not anything like you’d expect if the Fed were about to really crank up QE and do a lot more buying.


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