FRIDAY 6/6/14; D-Day Anniversary; Monthly Jobs Report; SPX, INDU and TRAN New All-Time Highs

Asia markets try to run higher off the happy US rally but stall as traders begin worrying more about the US Monthly Jobs Report only a few hours away. NIKK is flat as the dollar/yen leaks lower over the last day to 102.30 (stronger yen). SoftBank dumps -1.5% after hyping the use of robots, with more human-like qualities, for customer service applications.

China markets drop -0.5% ....










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The COMPQ is up 25 points, +0.6%, to 4321. The big percentage winner today is the RUT gaining 11 points, +1%, to 1165. Both the ECB Rate Decision and Monthly Jobs Report this week result in bull victory. For the week, the SPX gains +1.3%, INDU +1.2%, COMPQ +1.9% and RUT the big winner up +2.7%. TRAN gains +1.3% this week, XLK is up +1% and both XLI and XLF are up +2.3%. Biotech catches a bid up +2.7% over the last five days with UTIL up +1% and APPL gaining +2%.

The VIX closes under 11 at 10.78. There is no fear in the markets. Traders are very relaxed and complacent. Aunt Edna drives her 1995 Cavalier to the broker and invests her entire life savings into dividend stocks. After all, the stock market goes up forever without worry or concern because of the central banker money-printing. The CPCE put/call ratio remains under 0.50 for the last three days verifying the rampant complacency and lack of fear. An uber low put/call ratio, along with the low VIX, indicate that a significant market top is likely in place now or within a week or so ahead.

After the closing bell, a class action lawsuit is filed against 13 exchanges. Attorney Michael Lewis (no relation to the Flash Boys author Michael Lewis) files the paperwork in the New York court system on behalf of Harold Lanier. The lawsuit claims that the exchanges provide advance access trading data to certain clients (private feeds and co-location services) while discriminating against everyone else. The drama around HFT continues.

Activist investor Carl Icahn increases his stake in Family Dollar stores becoming the largest shareholder. FDO pops over +10%. Presidents Obama and Putin briefly talk for only a few minutes time at an impromptu meeting in France at the D-Day memorial event where Putin appears agitated.