Brief Update

It was a rather nasty ending to a mostly quiet session today. Volume once again surged on a big red candle day that dwarfed the participation we saw for the past three sessions. This seems to have become the routine lately before a big jobs report. Anyway, the late sell-off on the S&P saw prices dip back into the consolidation zone...

The Nasdaq appears to be in a little better shape...

I find the $CPC reading to be a bit odd today given the late sell-off. Traders were bidding up calls and actually pushed the ratio back to an extreme. Either there's plenty of downside left for the averages or somebody with deep pockets has a good idea of tomorrow's number and likes what they see...


I've also noticed a serious bifurcation among sectors recently, meaning the importance of being a good stock picker and paying more attention to relative strength is a must. Sectors are either red hot or ice cold... not much in between. For example, semi's are hitting new highs...

AG, too...

While oil is going the opposite direction...

and Financials, too...

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Hopefully, tomorrow's job report will give us more clarity, at least for the short run, and a break of the range will come soon. The recent price action is a trend trader's worst nightmare and I find myself wanting to change hats with the daytraders. At this point, I don't care which direction we go, just give me a trend!