Okay, so the building tension before the unemployment data is relieved by buying on the (I’m really shocked!) “better than expected” unemployment data. This is the kind of response we’ve been conditioned to deal with for a long time. I’m not going to judge it just yet but it wasn’t a blockbuster day except in a few areas like financials and real estate related issues.
Volume was better than average for the day but on the week about the same as we’ve been seeing over the past few months now. Breadth was positive but not a 90/10 day blockbuster day.
McClellan Summation Index reflects overbought conditions building. How high can it go? Maybe around 1400 is a target.
As for the leveraged issue nonsense, checkout SSO and others from ProShares for example. The media doesn’t bitch when they work well going up. Silly crap, frankly.
