The January employment report, though worse than expected, failed to take the market down on Friday. That was enough to get shorts to cover and some bulls to get back to buying. The price gains were impressive, as was the fact that most of the indices closed at the highs of the day. The only thing lacking was volume, which was lower than the previous few days. I would have liked to have seen the volume higher than Thursday’s volume. Some gains in higher volume would also help out the NASDAQ’s OBV, which looks slightly ominous to me. Besides the lack of volume it was an impressive bounce, especially for tech stocks. The SOX and NASDAQ has sprung back above their 50-day moving averages.
