I normally would not be sidestepping or emphasizing a jobs report so much. But the truth of the matter is that it should seem fairly obvious the market’s many divergences are needing an excuse to resolve themselves.
Specifically, the troubling action in the Nasdaq versus the strong S&P.
On the intraday charts of both, spanning the past few days of trading, you can plainly see the Q’s threatening another breakdown after some recent damage, while the S&P is hovering near recent highs but may be facing some exhaustion of its own.
Either way, I am inclined to remain very light in front of the report and trade the reaction, even more than usual.
Drop me your top afternoon tickers.
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Staying “light” the following;
Longs – BIS, SWC, CORN
Short – MS
Good book. Thanks, super.
AREX, XCO & ZBB
I am short $$PY, until we fill up all previous days gaps.
$$PY is for $SPY, sorry for the typo.