Nothing exciting today. But hey, after yesterday's upside barnstorming event a little calm was due. So today we got nothing more than a little consolidation. A spinning top (indicating indecision) at the top of yesterday's range (giving a bullish twist). Quite appropriate. So now we wait, and we wait as time ticks by. We wait for the announcement on the jobs data tomorrow. It could be the deciding factor of the day, if no Euroland news pops into view. Payrolls, unemployment rate, hourly earnings and average workweek on tap tomorrow at 8:30 am.
Looking at the daily chart it's hard not to notice the numerous gaps over the last 4 months. I don't ever remember a time where the volatility resulted in gaps up and down with such frequency and for such a long period of time. If you remember such a time, send me a note and the time frame for my review. I am sure that you, like myself long for the resolution of Euroland and other issues that have created such an intrepid market.
Below are the daily charts for the VIX and the DIA. Current Momentum is UP~
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