INTRADAY ALERT: Over-reaction to July jobs miss. Soft jobs report still supports "soft landing" and gives Fed room for cuts. VIX surging 50% to 28 means panic, and short-term means sellers will be pressuring markets.

The July jobs report was a miss coming in at +114k vs +175k expected by the Street. The "miss" is triggering a major "risk off" day with S&P 500 down -2%, Nasdaq 100 -3% and Russell 2000 -4%.

Markets were already concerned about growing risks of an economic downturn into today given the July ISM earlier this week (employment component was 43). And equity markets were already nervous about risks of a further deleveraging as currencies have been moving sharply in the pa...

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