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Slow Day By: Charles Payne

|Includes: PowerShares QQQ Trust ETF (QQQ)

I'm a little surprised the market is so indecisive today. I realize the Street wasn't going to be pumped up about another jobs report that showed job losses but I was looking for a shift in the fear factor from concern overtaking losses to concern over missing gains. It's still early, and that could happen. There are big-time resistance points for the major indices to contend with as well. As we approach the one year anniversary of the low point in the market last year, there could be savior, guilt, or melancholy, too. Unfortunately, periods of calm are all too brief and all too dangerous.

Today, technology hints at making a meaningful move although the biggest names look to take a break and regain momentum. The NASDAQ composite is at a very pivotal resistance point; as it gets through this level up to 2,400 I think it will create a sense of urgency. At the very least we could see some short covering.

Overall it feels like traders stayed up late last night to catch the Oscars. I'm not sure why as I don't think there were any surprises. For what it's worth I like "Brothers" much more than "The Hurt Locker."

Disclosure: none