Aug 7 Market Commentary
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Overnight markets are mixed to green with 3 red prints across Asia, none in the EU while SPY is up 3.5pts in pre-market action. NFP just came in at -23K for jobs vs +85K estimated, and SPY is up 2pts in response while yields tumble as the low jobs print is having traders lean into the idea of no rate hike. Yesterday was mostly a grinding/corrective day just below 770. With NFP coming on a left tail print, we lean towards vol coming down just a tad on the day, which is hard with barely above 15.
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