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Need to Know: Stop carrying the torch for small caps, even after that strong jobs report

It’s the big day, featuring national pride, media hype and the whole world tuning in.

Jobs day, of course. Though tonight’s opening ceremonies down in Rio also might be worth watching.

“Today is all about one data set,” said Naeem Aslam, chief market analyst at ThinkMarkets.

Ahead of nonfarm payrolls, Aslam was worrying that “the bears could occupy the streets” if the headline number was lousy. But the report topped expectations.

See:U.S adds 255,000 jobs in July; unemployment at 4.9%

Bulls have had the upper hand lately, which helps explain why even small-cap stocks are up nicely.

Nonetheless, our call of the day — from a Jefferies strategist — warns against embracing the little guys, whose rallies often are viewed as signaling a “risk-on” mood.

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