I don’t really have much new to say about the current juncture in the market. We’re still basically in a holding pattern ahead of tomorrow’s employment report. Today’s sell-off was probably more of a buyer’s strike than anything. I decided to take my car in for servicing this morning (why aren’t mechanics open on weekends???) because I really didn’t want to be tempted to jump on any of the shorts that were on my list for today.
For what it’s worth, all three of the major indices slipped below their 50 day moving averages today. The NASDAQ close right on its 200 day moving average. It looks like my long term group of Multiple Moving Averages (MMAs) is doing their job according to the textbook by acting as resistance to the short term group of MMAs.
Of course any technical analysis mumbo jumbo may be obliterated by the market’s reaction to the employment report. There are plenty of potential shorts to play if the market sells off tomorrow. Hopefully I can find some longs in case of an upside move. One thing I can almost guarantee is that there will be a gap at the open — I just have no clue which way it will be.
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