The market isn’t liking the unemployment report that was just released. Right now the futures are getting crushed under the weight of people trying to get out of their long positions (and/or get short). This may be the event I was looking for to kick-off the greatly overdue pullback. It’ll be interesting to see if money keep pouring in to push the market back up today. No doubt the bulls will give it a try.
As usual on these gap openings, I’ll be waiting until at least 10:00 to make any moves. There should be some good short set-ups by then, but we’ll see… Then again, there may be some good long entries (for daytrades) in some of this high flyers of the last two days. Should be interesting.
