JOB WATCH

Markets were trading near fair value before the jobs report and are now higher on the heels of the 132k increase vs 110k consensus. The 10 year Bond is trading at 4.52% up about 4 bps from yesterday's close as this 20k "beat" is bullish on the economy and bearish for bonds as one of my favorite commentators Jack B says "welcome to the soft landing"- sure until we get the next set of economic numbers like ISM or PMI which will indicate something different.

In the oil patch, note the OIH trading higher to the $147 level in light of the colder weather in the northeast (18 degrees in Westchester County NY as I type). Warmer weather is predicted after today but we will see how the oil patch reacts. Also, the XLE is only about $.5 short of all time highs at $61.4 and I guess the action in XOM will dictate whether that target gets tagged.

And thanks to John Lennon.