I am traveling this afternoon, so I am posting my blog before the markets volume data is available. The jobs report came in this morning moderately better. Of course, the analysis is always skewed by the eyes of the beholder. For example, one article on Yahoo Finance referred to the report as having an "unexpected surge in U.S. job gains in May" and enthusiastically wrote, "Payrolls increased by 280,000, the biggest gain this year". Technically that is true, but is the author ignorant of recent jobs data? What about December's 329k or February's 266k? When you look at a chart of the last 12 months of jobs reports, you would conclude the trend is sideways or trending lower. Initially, the futures traded lower and then the markets opened lower, but the major indexes recovered significantly as the day wore on. SPX closed at $2093, down $3, and RUT gained $10 to close at $1261. I think the market concluded that an accelerated schedule for the Fed to raise interest rates isn't obvious from the jobs data - not too hot and not too cold.

Have a great weekend.