Nonfarm Payroll estimates:
Oxford Economics: 600K
Citi: 1.2mm
Merrill: “We expect nonfarm payroll growth of 800k in September and the unemployment rate to improve to 8.1% from 8.4%.”
Median economists’ estimate: 800K

BofAML Michael Hartnett:
1. Sept/Oct = “midlife crisis” phase of investment year…however sees this as “healthy rather than dangerous correction”

2. tactical view: Sept correction is part of “topping process” but don’t expect big bear move when Fed so easy, Wall St flush with cash, vaccine expectations strong

3. upside risks taking SPX back in…[Read more]

JPM derivatives team headed by Dr Kolanovic sees CITI volatility screening cheap.

JPM equity research analyst concurs and wants to buy the dip in the sector as a) fundamental operating environment is unchanged b) the $2T in assets referenced were part of suspicious activity reports (SARs) –so banks acted exactly as they were supposed to act and c…[Read more]