Let's run through the jobs report: 257,000 jobs created in January, above expectations of 237,000; upward revisions in November (423,000!) and December; wage growth up 0.5 percent; year-over-year growth of 2.2 percent.
Job growth and wage growth? We haven't seen this in a long time.
Even before today's open, we have been in the midst of a powerful rally, largely of a cyclical nature.
Cyclicals this week
Will we see more rate-related selling? There's already some pressure on Treasurys. The iShares 20+ Treasury Bond ETF, after hitting new highs earlier in the week, is now down four days in a row.
Bulls have been arguing that equities should do well in general, as long as the economy is growing. Bears, obviously, have pointed out that equities have had problems in recent years when rates begin to rise, even a little.