Here's how to trade around the hot jobs report

• A better-than-expected jobs report leads to higher yields and lower rate cut hopes, causing slight market dips.
• The S&P 500 has shown extreme volatility, moving from overbought to oversold and back in a week, indicating a 'frazzled' market.
• Panelists acknowledge high market valuations but emphasize strong aggregate earnings and a healthy transition towards an earnings-driven market.
• A 'broadening out' is observed, with momentum shifting towards quality, value, and small-cap stocks, supported by positive earnings in these areas.
• Long-term investors are advised to focus on valuation and extend their time horizon to navigate short-term market 'frazzle'.

The Investment Committee debates the implications of a strong jobs report, noting current market dips but highlighting underlying strengths. They discuss market volatility, high valuations, and a potential shift from momentum to earnings-driven growth, advocating for a long-term perspective and a broadening market.