Market update | November 6 The rebound has survived a stronger-than-expected jobs report, but participation remains uneven. At this snapshot, SOXX is up 3.1%, QQQ 1.7%, small caps 1.1% and SPY 0.6%. Equal weight is still slightly red. Chips have given back some of their premarket strength. Even with today’s recovery, SOXX remains roughly 9.4% below Wednesday’s close. There is still substantial damage to repair, and I want to see how the next pullback trades. Payrolls added an important constraint to the policy-relief argument. October employment rose by 165,000 against expectations of 65,000. Unemployment fell to 4.1%, wages rose 0.4% month over month, and revisions added 84,000 jobs to the previous two months. The labor market remains resilient, giving the Fed room to keep focusing on inflation. The reaction is clearest at the front end. The 2Y yield is around 4.52%, up 4.9 basis points, while the 10Y is near 4.85%, up only 0.8 basis points. Yesterday’s bull steepener has turned into a bear flattener, with the spread narrowing from 37.2 to 33.1 basis points. The dollar is up about 0.7% and gold is lower. Tech is holding its rebound despite that backdrop. Volatility has eased from yesterday’s extremes. VIX is around 24.8 and VVIX near 120. However, VIX remains above the three-month reading near 23.9, so near-term protection still carries a premium. I’d like to see volatility continue easing as prices hold their gains. Credit deserves attention too. Newly published data show Thursday’s high-yield spread widened from 332 to 348 basis points, while investment-grade spreads rose from 91 to 93. Those figures describe yesterday’s selloff. Today’s HYG is roughly flat, and I’m still looking for evidence that credit is stabilizing alongside equities. Crypto is less convincing than equities today. bitcoin:native is around $75.7k, slightly lower despite the Nasdaq rebound. OTHERS/BTC is up around 1.8%, showing relative resilience in the alt basket. For my swing framework, BTC is finally testing the $73–76k area where I'm looking how this gonna develop. SPX 7,500 remains a recovery level. What would increase my confidence is a pullback that holds, broader participation and continued improvement in volatility and credit. Have a nice weekend to everyone!