There is a fair amount of media gloom building around the May jobs report, but for every argument that suggests the economic end is near, there is one that points to the data as a blip.

The U.S. Federal Reserve said on Monday that its index on labor market conditions fell to its lowest level since May 2009, reinforcing a perception of slowing job growth following last week’s stunningly weak payrolls report.

– Average hourly wages are now 2.5 percent higher than a year ago and some employers say they have decreased hiring simply because they can’t find workers with the right skills.

And yet the market is steadily climbing the wall of worry, the Dow and the S&P 500 closing in on 52-week highs. As well, investors seem less than worried, as the VIX is holding just under 14.

– While Wall Street’s average yearend target for the S&P 500 is just 2 percent higher than where it closed last week, technical strategists at HSBC Holdings say stocks are poised for a move higher. 

Given this, is it cut and run, sit tight, or find an opening and make a bet?

– Two major components of the S&P 500 could break out, according to the note sent out by Murray Gunn and team. They are industrials and the “FANG” stocks, composed of Facebook Inc., Amazon.com Inc., Netflix Inc., and Alphabet Inc. 

As always, ya gotta go with what you know, which should lead you to what you believe.