"Where's The Beef" After The Blow-Out Jobs Report?

Midway through the session, the ES is down about 10 points, as traders and investors decipher the potential messages and consequences of the much-stronger-than-expected Jobs Report.

The USD is rocketing, YIELD all along the curve has ratcheted up significantly, and the prospects for not only an initial rate hike, but a new rate-hike cycle have increased meaningfully.

Of course, it is also startling that just yesterday we were discussing the backtracking of the BOE as it adjusts its policy to slower growth and lower inflationary expectations-- that will require more, not less, monetary accommodation and stimulus.

Could US economic conditions be that opposite from England?

Apparently it is! That said, this fantastic news has yet to be embraced by ES traders, as the index presses toward a probe of key support along the Sept 29 up trendline, now at 2074, which must contain any additional selling pressure to keep the bulls in directional control.