“Good News Is Bad News” Payrolls Reaction: Stocks Stumble, Bonds & Bullion Bashed As USD Surges

After an initial “good news is bad news” kneejerk lower in stocks, USD strength (and thus JPY weakness) is providing the ammo to ‘prove' this is good news, but problematically the bounce is fading (of course, there's a long way and a lot more VIX to sell to manage this narrative green). Oil is up modestly (growth?). Treasury yields are surging (10Y +7bps) and gold and silver and sliding…

USD & Treasury yields UP, Stocks and Gold DOWN

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