Well that dip didn't last long. If you didn't buy yesterday's close, or didn't buy right after the tiny dip on the nonfarm payrolls, You either had to chase or miss the move. The feared 200 print again on nonfarm payrolls was all hype, no substance. Even the 10 year yields didn't go up, and the 30 year yield actually went down today despite the above expectations jobs number.
The new norm: the rips seem to come on faster velocity than the dips. It is counter to what the market should usually do, which is go down faster than it goes up.
But the greatest fear these days is to miss a continuation of the rally, rather than dealing with a big correction. With big gains this year, the long term holders will be reluctant to sell this month and have to pay capital gains. They would rather sell in January, when we should be higher like always, right? So it is going to take a totally unexpected news item to bring this market down more than a couple percent for the rest of the year. I just don't see it happening, with the Fed unwilling to taper earlier than expectations.
Right now, we are in a bad spot for traders. For the nimble, I recommend shorting early next week. But honestly, I would rather trade individual stocks than trade index futures here, the market is going to be dull.
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