Markets had eventful week but macro economics staid and unchanging.

A crass misread of employment data is being applied.

Monthly employment data was a surprise of up 256,000 Non Farm Payroll (NFP), surprise that is to the claque that breathlessly follow this series perceiving great importance on the slightest changes. This group is led or used or harvested by the very large high frequency trading (HFT) hedge funds like Jane St. and Citadel who have been stifled since August going into the election and then after as their usual or even required play is variations of shorting out of the money short dated calls to fund long puts below the market. They require a storyline to start things out and they often work closely, it seems, with the developing Federal Reserve (Fed) forward guidance. The Fed sent out a wave of forward guidance prior to the employment numbers, all with more or less the same script that the Fed was changing focus from dropping Fed Funds so as to maintain full employment to now raising concern over inflation. It is obvious the employment state had not changed at all.