Now that the Fed has commenced its rate hike cycle, the jobs report suddenly takes on far less significance because only a massively "outlier" print will have an impact on Fed thinking, thinking which so far appears undented despite a raging manufacturing recession across the US. This means that the December jobs could be the "most important ever" only in retrospect, with either a huge miss (think < 100,000) or huge beat (> 275,000) having a material impact at a time when algos are much more focused on China scrambling to prevent its economy - and market - crashing, hard.