The robo-traders- both the silicon and carbon based varieties- were raging again today in celebration of a “goldilocks” jobs report. That is, the headline number for April was purportedly strong enough to sustain the “all is awesome” meme, while the sharp downward revision for March to only 85,000 new jobs will allegedly enable the Fed to kick-the-can yet again- this time until its September meeting. As one Cool-Aid drinker put it, “Probably best scenario in which the market was hoping for growth but not (so strong) that the Fed needs to hike in June,” said Ryan Larson, head of U.S. equity management at RBC Global Asset Management (U.S.). Today’s knee jerk rip, of course, is the fifth one of roughly this magnitude since February 20th, but its all been for naught. The headline based rips have not been able to levitate the S&P 500 for nearly three months now. Read more