The jobless claims just barely missed estimates and we are selling hard in the ES. The expectations have gotten high enough that if we don't meet them, the market will not like it. The jobs number tomorrow will likely be good, but most expect that. I just don't see a good risk reward bet on the long side now. It doesn't mean we can't work our way higher, the odds are just worse for an up move.
I am a bit surprised we are gapping up here. The market was down right euphoric yesterday and viewed Europe as being contained with the Trichet rumors of more ECB bond buying. Let's see how the market views the choppy action over the next couple of days. If it is greeted with optimism, odds are high that we are topping out.
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