Today's miss for payrolls, drop in unemployment, weaker wage growth, and drop in the participation rate was proclaimed by Bob Pisani and his like as "goldilocks"... David Rosenberg disagreed:

My grade for today’s payroll report is a big fat C-. Harsh, yes, given the apparent good news in the 3.9% u-rate, but this does not reflect job market strength as much as the symptom of an ever-depleted pool of labor (11-year low).

— David Rosenberg (@EconguyRosie) May 4, 2018

But for now, stocks ended the week unchanged thanks to the biggest short squeeze since Brexit to reassure everyone that... 

Video length: 00:02:44

On the week, stocks mixed (Nasdaq up, Dow down); Dollar, Oil, and Bitcoin up; Gold down, bonds unch...

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Friday saw Thursday's momo reversal extend with Nasdaq and Small Caps squeezed into the green for the week and then S&P and The Dow pumped to green for the week after Fed's Williams comments that he's ok overshooting 2% inflation for a while... but by the close only Nasdaq and Small Caps held gains on the week...

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Futures show this was not related to payrolls - this was pure cash market short squeeze that began as Europe closed yesterday...

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Of course the yuuge bounce is all technical - Dow and S&P bouncing off their 200DMA

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Today was a huge 3.3% "Most Shorted Stock" short-squeeze day...

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The biggest single short-squeeze day sine 6/29/16 (the post-Brexit buying panic bounce)

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VIX flash-crashed to a 10-handle as payrolls printed...

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and closed with a 14-handle for the first time since March 9th (payrolls day!)... and look what happened right before that low?!

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Big Bank stocks ended the week red despite today's effort to ramp... (SocGen, BNP, and HSBC all missed this week)

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AAPL shares ripped to a new record high (after Buffett was buying in Q1)...

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And FANG Stocks surged...

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Elon had a tough week but through the magic of machines, his stocks managed to get back to even (after his short-squeeze threat)... despite TSLA bond's collapse...

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Tech strength and financial weakness sent the S&P Tech/Banks ratio to its highest since the peak of the dotcom debacle...

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Stocks and Bonds decoupled this afternoon as the machines pushed the former up to unch on the week...

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Mixed picture in Treasuries this week with the belly outperforming (7Y -2bps) while the tails lagged (2Y +1bp or so and 30Y lagged until the last hour or so)...

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It has now been six days since the 10Y Yield traded above 3.00%...

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The yield curve flattened once again

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The Dollar Index rallied for the 3rd week in a row - the biggest jump since 11/25/16...

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Argentine Peso was the week's worst currency - plunging over 6%...despite a 1275bps rate-hike!!

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Cable broke below its 200DMA

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Cryptocurrencies surged this week with Bitcoin testing up towards $10,000 and Ethereum over $800...

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WTI dominated the commodity space this week... with PMs in the red...

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WTI traded within 3c of $70 today at its highest since Nov 2014...

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Finally we offer this from Fed's Kaplan: "My guess is we will eventually start to see wage pressures "

But he added "The flatness in the yield curve tells me we're late in the cycle.. the yield curve is telling us that outyear growth looks sluggish."

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Are you reassured now?

SMART Money remains a big seller...

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