NFP is a Bull Trap

I think we're going to test lower levels before going higher. The nonfarm payrolls is a smokescreen for what really matters, Europe and the panic of yesterday. The futures are trading with a lot of energy and we can move quickly on a dime. I think there will be some sellers at the open and that will test the buyers. I don't see a trend day today in either direction, but there should be a lot of emotional trade today. I think Europe has bottomed, so looking out towards next week, I would be a buyer, not a seller. For today, we're likely to oscillate from -1% to +1% on the S&P.