Market Meltup Meets Non-Farm-Payroll Resistance

Just as we predicted this morning, as soon as Europe FX/Credit markets closed, US equities proceeded to meltup celebrating the claims data 'improvement week-over-week' in this bizarro world we live in. ES (the S&P 500 e-mini future) has broken up and out of its 3-week range to run the stops above the pre-Non-Farm-Payroll close levels from 4/5. Gold has been relatively outperforming today and on a beta-adjusted basis, the S&P has just melted up to meet Gold's enthusiasm. Ahead of tomorrow's

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