Tonight's plunge, to put it simply, was a shock from a wave of data revisions.
The previously announced non-farm payrolls for May were 144,000 and for June 147,000, but now they've been sharply revised down——
May was actually only 19,000, and June was even worse, only 14,000.
This means the market has been looking at ‘false optimism’ for the past two months, and now suddenly getting slapped awake, leading to a complete collapse of confidence.
No financial report can save it; tonight is a stampede triggered by a crisis of trust.
