AMZN continued its push into all-time highs as the broader market pulls in prior to Friday’s job report. On the bright side small caps stocks were able to inch out gains. Utilities were hit hard as many believe the Federal Reserve is going to raise rates in December. Tomorrow’s job report will certainly play a big part in how the market will perceive a rate hike in December. The job’s report tomorrow is not the end all be all for this market, but it should produce a few fireworks in the morning. This uptrend is not over and we will continue to respond accordingly.

Sentiment continues to move towards the upper bound of bullishness. The lower bound for AAII bears is approaching quickly as just under 19% of respondents are bearish. You have to wonder if those 19% just read ZeroHedge hourly. 39% of AAII respondents were bullish while more than 40% were neutral. NAAIM survey continues to increase as active managers continue to chase this market higher. Where were they in September?

Tomorrow will be interesting to say the least. CNBC et al will try to make this jobs report out to be the most important report EVER. It is really ridiculous. By next week this jobs report will be almost forgotten. At the moment the market is expecting 182,000 jobs. It will likely be less. When was the last time it was a good number? It would be great if this economy was producing 300,000 jobs a month. Sadly, we just have not seen this occur. In the end it matters what trading signals we get and how we manage our risk. Focus on what matters!

Enjoy the fireworks and have a great weekend.