Last night's non-farm payroll data triggered a market rally that can be called the most surreal divergence scene of the year.

The US stock market was like celebrating a holiday — Dow Jones rose by 1.43%, NASDAQ surged by 2.53%, and the S&P 500 also closed up 1.90%. Tech stocks were going crazy, with the "Magnificent Seven" indexes soaring over 3% in a single day, Nvidia leading the charge with nearly 4%, with Q3 revenue hitting $57 billion, a year-over-year increase of 62%, and Q4 expectations pointing straight to $65 billion. These numbers are truly impressive.

But on the other side, it was a disaster. Spot gold plunged by 1.5%, breaking through the $4100 level; the crypto market was even harsher, with a broad decline of 5%, and many long positions getting liquidated.

In simple terms, this market move was a clash of expectations.

September non-farm employment increased by 119,000 jobs, more than double the expected 52,000. As soon as the data came out, the White House immediately jumped out to take credit. But a closer look shows that the Philadelphia Fed Manufacturing Index and New Orders Index both declined, indicating that manufacturing is still struggling.

More importantly, the Federal Reserve's stance remains ambiguous. Goldman Sachs believes the labor market isn't as strong as it seems, and there might still be interest rate cuts in December; however, CME interest rate futures show only a 29.8% chance of a rate cut in December, clearly indicating the market is not convinced. Fed official Barr said that 3% inflation is still concerning, and Harker warned that rate cuts could trigger financial risks — once these words came out, the expectation of easing was basically cooled off.

So you see, the US stock rally is driven by strong tech earnings and capital crowding; gold and crypto prices falling are due to the disappointment of rate cut expectations, as safe-haven assets and high-risk assets are being sold off simultaneously. Essentially, it's all driven by sentiment, and the fundamentals are actually quite fragile.

At this point, what ordinary people should do is not chase highs or sell lows, but honestly stick to dollar-cost averaging. Wait for the Federal Reserve's December meeting to give a clear signal. The more volatile the short-term market, the easier it is to be caught as a rookie.