Updated Thoughts: Payroll Report to Bring Market Back to the Fed's View on Economy. That's Not a Good Thing for Risk

Friday's payroll report likely to quickly bring the market back to realization that fighting the Fed still remains a fool's game

My framework continues to be the same. The timeline to the Fed adding liquidity will dictate whether or not markets are going up or down. In January, the risk-on, short-covering, beta chasing rally t…