I have another chart that shows the US labor market improving. The NFIB Small Business Optimism survey saw a rise in the number of firms who plan to increase employment versus decrease employment. Over the last 6 months, the rate-of-change exceeds 96% of all periods since 1985.

How cool is this? The US unemployment rate could go DOWN. Look at Canada, where they have reported notable declines in unemployment in both October and November. Logically, Canada and the US move together. It points to the US unemployment rate falling. We love macro around here.

Historically, when this chart turned up after tanking the way it has this year, the entire vibe of the market witnessed a wholesale regime change. This includes: October 31, 1990, which is just 3 weeks into the bull market that lasted 9.5 more years. March 9, 2000: one day prior to the Dot-Com peak. March 5, 2009: 4 days before the S&P 500 would make its Global Financial Crisis low. The action is the equal-weighted S&P 500 Financials + S&P 500 Industrials + S&P 500 Materials relative to the S&P 500 as a whole. These three sectors have been outperforming since November 3. If past is prologue and the vibe does shift, that would mean concepts like Value would be On, these three sectors On, small caps On, mega caps Off, Tech Off.