Rally fade. The rally quickly turned into the Cheshire Cat and began to disappear a little at a time.

In response to several questions, here's how it looked from the 50 yard line. Minutes after the numbers hit, deconstruction began. Downward revisions in some prior numbers caught some attention. Birth/Death model added in a bit over 100K theoretical jobs not inconsistent with seasonals but a big chunk of the number nonetheless. There was a payrolls anomaly last year around this time that didnt hold up over time. So some doubt and skepticism began to build. Then bond gurus, most notably Stone and McCarthy were quoted as saying a couple of more months of this could lead the Fed to start tapering quickly. That quote, not verified, got pushed around a lot in equity blogosphere. All that seemed to take a lot of helium out of the balloon. Arthur