Business

It appears Goldman clients are once again taking a bath. Having proposed that with monetary concerns temporarily sidelined, "good news should be good news for risky assets," today's better-than-expected jobs print (following China's better than expected PMIs) has sent stocks lower, bonds higher, and crack gold and oil... 

Stronger USD has sent commodities reeling...

Extending overnight losses from China's "Good" news...

But bonds are bid as stocks slip lower...

And so the confusion remains: why did Yellen go uber dove three days ahead of a day in which the BLS reported that in March not only were 215K jobs created, more than the consensus 205K, if below last month's 245K, but in which average hourly earnings rebounded a solid 0.3%, above the 0.2% expected, and well above last month's -0.1% decline.

Wages rose:

Who could have seen that coming? Ahead of potentially the most important data point of the year - now that The Fed lost its China excuse overnight - NYSE Arca reports a 'glitch'

• *NYSE ARCA CITES TECHNICAL ISSUE ON TRADING SYMBOLS SUSPENDED
• *NYSE ARCA TICKERS AFFECTED: AMZN, AZO, GOOG, GOOGL, ISRG, MKL

We are sure it will all be fixed by the time the market opens and the ramping algos have taken back control.

Source: NYSE

Interestingly, futures markets are falling after this 'break'...

• Saudi Arabia Will Only Freeze Oil Production If Iran Joins (BBG)
• Japanese gloom ensures slow start to quarter for world stocks (Reuters)
• Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era (BBG)
• Prices Sag in Warning to ECB Even as Manufacturing Picks Up (BBG)
• China factories scent hint of spring, Europe still chilly (Reuters)
• Theranos Devices Often Failed Accuracy Requirements (WSJ)
• Macau Casino Sales Drop More Than Estimates After Festival (BBG)

Stocks are rolling over.

As we wrote about earlier this week, the S&P 500 was pushing for a final “kiss” of the broken bearish rising wedge pattern:

The next move should see us drop sharply.

Big picture stocks have effectively gone nowhere since QE 3 ended in November 2014. Yes it’s been a volatile ride, but all things considered stocks have largely traded sideways for 16 months.

Meanwhile, beneath this veneer of stability, the global economy has fallen off a cliff.

Last year (2015) marked the worst year for global trade since the Great Crisis.