Today’s Narrative?

Sell Mortimer Sell seems to be to be the call to arms today. 5s 30 yield curve bearish steepening ,Dollar sideways to lower ,Nasdaq lower but Russell unchanged . I continue to look at this as a soft proxy for growth Cyclical stocks narrative.

The payroll report good especially Unemployment rate it appears a clean read as participation rate increased . Possibly bonds being sold here due to the strong number. With a 147k Census workers being let go the underling strength of jobs report maybe a bit better. Even though 638K new jobs were created the trend is lower as last month 672 and prior 1493 jobs created,Bloomberg letting us know that permanent job losses has surpassed temporary for first time since crisis.Also a bit worrisome is the duration of unemployment which is heading towards the peak level reached ,25.2 weeks in the great financial crisis. the longer you are unemployed the more your skills deteriorate and the less attractive you are to employers. Enough bad news for today leisure and hospitality +271k new jobs of that number 192,000 in the food service and drinking place(BLS) retail trade +104,000

Outside of metals, other markets paying little attention to weak dollar for now.A Friday market trading without a central theme or macro narrative with the exception of Nat Gas where warm weather forecast till thanksgiving weighs and Virus related demand destruction for oil continues.

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