Violent moves have increasingly come in the form of rallies, not selloffs

1. Aggregate weekly payrolls. "How this figure reconciles is the main issue for the next few quarters. The index of aggregate weekly payrolls, a proxy for nominal labor incomes, has advanced about 4% over the last year. By contrast, nominal GDP is up about six percent."

2. Fed forecasts. "More sell-side firms and Fed watchers are removing/delaying cuts from their outlook, including a couple forecasters after the April NFP. Half now see no cuts this year (and risks are clearly tilted to this group continuing to grow given inertial nature of these forecasts)."

3. NDX up vs. down rVol. Violent moves have increasingly come in the form of rallies, not selloffs.

4. SPX ATH vs. new lows. "Look, I know none of this stuff matters anymore. But my G*d. This will be the 4th time the S&P 500 $SPY has hit a record high while 5% of its members fall to 52-week lows. 1. July 1929, 2. January 1973, 3. December 1999, 4. Today".

5. Tech stocks vs. Tech jobs. "If you need a 'stock market is not the economy' visual, this is a good candidate: Tech stocks relative to the market: all-time high. Tech jobs relative to all jobs: all-time low."

ICYMI