Top Line: That was truly disappointing and means that there probably is still some more upside in this rally. How much? Well, our guess is more about time than distance. We talked about the jobs' report out a week from Friday.
We are going to just have to wait until tomorrow to see if the market wants to surprise us to the downside, or maybe the next day. Remember, surprises will come to the downside in this phase of the market. In fact this next down spike will most likely be sharp and not easy to trade unless you are on board early, like now or say the next day.
The most we can say this evening is that the market gave us a tease this morning as it opened higher just when we expected it would. As we normally see, when the market is ready to change directions the opening trade gives us the best opportunity. Then there was the nice drop from the early highs but then there was that moment when the market couldn't go down anymore. That's when we saw the move back up which was definitely not wanted and we knew that our idea was early Again.
FSI: 94.50 (yes, it's up again but not up to last week's level)