The employment data stinks. The GDP data stinks, the ISM data stinks. But it does stink like death itself the way we thought it would a week or 10 days ago.
Thus the rally in risk. It ain’t because the world is now a warm an fuzzy place. It’s because many thought the sun would not rise on Monday of this week after a rough end of the month of September…
Risk-on is merely the opposite of risk-off. It is not a value judgement. It’s just the state of play.
