Stocks took one on the chin today as the employment report sideswiped a lot of investors.  The likelihood of a v-shaped economic recovery is off the table in my opinion.  We might be past the very worst of the crisis, but that doesn’t mean things are necessarily getting better.  The S&P fell 2.85% on the day while oil lost 3.74%.  Traders are certainly unwinding their oil trades as the summer driving season peaks out.  Do not be surprised if we’ve seen at least a short-term peak in oil prices.  Gold fell 1.15%, natural gas lost 4%, the VIX spiked 7%, and the dollar, yen, copper and bonds were all marginally higher.  Days like this tend to be followed by relatively bullish action, but I still maintain that the risk/reward profile of high risk markets has changed for the worse.