PremiumIt was a case of bad news is good news (as JPM predicted), when the shockingly bad nonfarm payrolls number sparked an all out meltup, pushing the S&P to a new all time high - the 26th on the year - as Sept rate hike odds tumbled from near certainty to just 40%.The dismal economic news proved to be certain relief for investors with technical pressure subsiding after last week's momentum unwind and institutional/global retail deleveraging coupled with a hedge fund blow up, along with stronger earnings providing a stabilizing force behind the tech trade.