Morning Comments

We have been coiling in the stock indices since the run up on Friday after the employment report. I think trading below 993 on cash SP500 for 30 minutes to an hour will be a big change in character for the market (see earlier post and chart)and a sign that some sort of top is in. I am willing to try shorts if futures are trading below 1005. Above 1005, and I have to give the benefit to the upside.