We will be getting a Non-Farm Payrolls report next week. It will likely be closely watched as a more contemporary indicator of the economy since we saw the big negative revision on 1Q GDP.
That does not mean that the NFP report will be valid, since the monthly headline number itself is subject to significant revisions in its first few months. But that is how the markets are likely to take it.
VIX is at its lowest level since early in 2013. While it can certainly continue on at these levels, especially given the coddling of the big trading desks by their friends at the Fed, it still leaves the equity markets vulnerable to even a relatively small exogenous shock.
The bond bears have been taking a beating, and that is probably more a technical trade than anything else, and supported and even promoted by the Fed.
Have a pleasant weekend.
