Happy Good Friday. However, for the bulls, it is a Great Friday, since yet another day of lifetime highs in this 12-year-old bull market was presented to them on a golden platter. When the jobs report came out — nearly 1 million jobs were added, and an unemployment rate of 6% (in sharp contrast from the 14% of a year ago), the small caps went berserk.
Of course, the GLOBEX closed not long after the report, so there wasn’t much time for a reaction. I will note that, for whatever reason, the Nasdaq 100 was a lot more wobbly in its reaction than the small caps.
Here we see the change in jobs in recent months. It looks like job additions are starting to gather steam.
And we’re finally getting back to a sorta-kinda-normal level of unemployment.
