The most awaited jobs report is in, and it got the market going topsy-turvy.

142,000 missed consensus, and June and July were revised significantly lower.

Some tried to put a happy face on the report.

(AP) - Hiring by America's employers picked up a bit in August from July's sluggish pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy.

This doesn’t look sturdy to me.

Wall Street and the media keep using words “normalize” and “normalization” to suggest the rapid deterioration of the jobs market is a normal part of any economic soft landing.

Although the market is weaving in and out of a potential 50 bps cut at the next FOMC, everyone agrees there is going to be a long and substantial series of cuts.

The market loves the idea of an accommodative Fed, but now there is concern over potential recession.

This is a headline from yesterday – the possibility grows exponentially this morning.

I see the Fed officials are coming out and opening the door for a 50 bps cut without directly saying as much. Forget about the notion of pain the Fed must help the economy. At this point they are already woefully behind.

The stock market will bounce back as huge inflows will continue (not going into bonds). For now, the market is sending Powell a message.