A gap up on the jobs data followed by a pullback and close near the unchanged line on lower than average volume. Well the summer doldrums are really starting to take root and this is basically why I decided to take on a summer job. This type of trading makes me crazy. From the ADX line , we can clearly see that the bears have lost momentum, however, the lack of any bullish catalyst will stop prices from moving significantly higher before the next wave of selling takes hold.The only tech sectors that look bullish at this time are biotechs and pharma as highlighted here last week. They've had nice moves this week and could be ideal buys on the next pullback.
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Well, today wiped out last week's gains for me. You would think that Bernanke could be a little more... tactful?
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