There was a bit of a rally today on Fed jawboning and a tepid APD payroll number. The economy is growing just not as much as anyone would like. But is it growing enough to raise interest rates? The action in the bank stocks seems to say yes. VIX was marginally lower but the backdated futures did not move too much. If the NFP number is going to be a nothing VIX Oct futures should be dropping more but they are not.