Further complicating matters is the jobs data tomorrow. It really does not matter what the actual number is, all that matters is the reaction to the number. Even if I knew job gains were to be +35,000 or job losses -35,000 I have no idea what the market wants. Does it want stronger numbers because that means there is recovery, or does it want weaker numbers so that easy money can flow for yet another 12 months straight? Who knows.
We have about 90 minutes left in the session; if the market can surge to close out the day I plan to lower my index long exposure by selling into strength ahead of a lemming reaction tomorrow morning. That won't change my view that we indeed should have more upside to go in the near term as Nov/Dec 2009's box (base) was the first one the market has built in over 2 years... hence a powerful move should ensue.