And so ends another day, with several major indexes making new highs - – the /ES pretty much spent the whole day creeping upwards. There's really little to do or say until the opening bell, since the jobs report (widely rumored to show a net increase in employed) will have a huge effect on the market. The figure is almost beside the point; it's the reaction to the figure that counts.
No matter how you slice it, the tech-laden NASDAQ has had an amazing run, and its rally seems awfully long in the tooth. Below are the NASDAQ 100, the Composite, and the Morgan Stanley Tech Index.
A pretty substantial fly in the bears' ointment is the strength in financial stocks. I bailed out of my BAC short a while ago, and my WFC short last week, even though these had not long ago been wonderful-looking charts to short. But financial securities have exhibited a lot of strength (take a look at FAS), which sort of throws more doubt on the notion of overall equity weakness anytime soon.
I've had enough for one day. I'll see you here bright and early (well, dark and early) Friday morning.
