The explosive move higher we witnessed from late last week until yesterday was brutal, but it seems that this entire move was simply a recapture of the Fibonacci level at 4528.71:
If you doubt the magnetic attraction of this level, just take one look at the /ES over the past nearly 24 HOURS of “trading”. It’s pretty comic:
Even though it seems to be that tomorrow’s job report is going to be a snoozer, evidently that is what folks are waiting for (so today might well be a yawner). The average hourly earnings is a data point with such a crude granularity, it’s difficult to even really speculate. A measure like this would be like only being allowed to say if the outside temperature is 50, 60, 70, or 80 degrees. There’s not much nuance.
For myself, I’m pretty much fully loaded with only 6.8% cash. The rest is the same old same old: options expiring no sooner than January 19th of next ear, spread out among nine different stocks and three ETFs (SMH, XLU, and XRT).
