Hard to tell the tale of the tape today but futures are relatively very weak. At 10p EST the futures traded and held 919 (flat) for a while then around 12:30a the downticks came in. As you can see in the top right chart, we will drop about .79% at the open - given the ES holds the 912 print. (the low of the trading session) . The jobs report comes out at 8:30a so that will be today's catalyst or barbedwire hammer, depending on the outlook and number. In addition, there will be low volume as many managers will head to the Hamptons and get ready to get Shrimp and Filet Mignon, while you boy RF refuses to eat anything but Hot Dogs. All in all, I am proud that I raises my cash levels high yesterday, the only thing I wish I would have done is sold my ERX..but oh well. As commodities and basic materials roar again (and they will) the ERX should print $35.
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