Joe Mazzola from @CharlesSchwab discusses the market’s positive reaction to the July jobs report, as weaker hiring and wage growth reduce the likelihood of a September Fed rate hike. He says the data helps the inflation outlook but also raises some concerns about the broader economy. Mazzola also highlights a strong earnings season and improving forward guidance, while noting that beats are receiving smaller rewards and misses are being punished severely. He also breaks down options positioning in the S&P 500 and Nasdaq-100, where dealer positioning could continue to limit volatility unless key technical levels break.