After 8 straight nonfarm payroll down days, it was probably a crowded short this morning on a very good number. The bears were over anticipating some sort of correction and helped with today’s breakout to the upside. There are barely any dips at all and performance anxiety are probably setting in on the fund managers that missed the Jan 1st run up. That said we are pushing overbought levels that is well over due for a 1-2% dip. This action feels very similar to the QE2 run up where we grind up a few points each day with sporadic upside burst of 10+ points.
