That Ain't Working

I must admit I was a bit in the red
But if you never have the pleasure
Then you could be dead
--Pete Townshend

Despite joyful headlines, positive job reports continue to look less impressive under the hood. Number of people not in the workforce rose to a record 92.9 million. The labor force participation rate fell to 62.8%--matching the lowest print since 1978.

Stocks have initially responded negatively to the headlines. Why? Presumably because robust job reports reduce the Federal Reserve's excuse to keep pedal to the medal w.r.t. loose monetary policy.

position in SPX