Friday, April 1, 2011

Still Constructive

A small beat with the NFP.  We are short term overbought but the price action speaks to super strength and with it being the first day of the month, forced inflows of long money is going to pour in today.  I would not try to fade the strength unless it gets absurd today.  Trying to top tick this rally has been futile.  Areas that I am looking for a possible stalling of the strength is 1335.  I don't want to overanticipate a pullback because we're probably not going to come crashing down anyway.  It will take several days for the longs to get as much as they want buying on any minor dips before we can be set up for the pullback.  Expecting strength in the first half of the day, and then who knows.

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