All the babblers doing the high fives on the moderate jobs number this AM seem to have forgotten inflation. The S&P futures popped 8-9 points up. Hmmm. From my bunker, the big problem is a possible re-acceleration of inflation. Last month's CPI number set off the correction in my view, as it possibly flagged a true inflection point: a change in trend from decreasing inflation to increasing inflation. So I'm going to sit & wait.
PS: I remembered the productivity number stunk, too. So that's not going to reduce inflation pressures.