Jim Iuorio says we “have some work to do” to the downside and calls the market “still pretty tired.” He feels vindicated by the latest jobs report and its revisions lower and says “something is wrong with the way they compile data” because of the significant drops. He wishes the Fed had the updated info before its latest meeting in the hopes of a rate cut. “The last thing [the Fed wants] to do is appear panicked,” he argues, so he expects them to wait for the September meeting rather than making an emergency cut.