Despite all the negativity regarding the political and economic landscape our uptrend continues to remain intact. We continue to get new trading signals, a healthy sign for this uptrend. Yesterday, small cap stocks could jump more than 2% recovering from Wednesday’s intraday low. Volume in IWM was above average. A good sign interest is high in the group. Price action continues to point in a positive direction for this market. No matter what the pundits say we have a pretty healthy uptrend and it is likely to continue.

Sentiment continues to favor those who are neutral. AAII Bulls could not eclipse 30% this past week with Bears just above it. We have neither extreme pessimism nor extreme optimism. We are at all-time highs and you would assume we’d have extreme optimism. We would see headlines across the financial news media how stocks cannot go down. It is quite the opposite. Whether it is valuations or Trump this market continues defy the logic of those who are naysaying this uptrend. The MOST hated bull market in history continues to be the most hated. Given what we have seen it is not likely to change any time soon.

Today we will get a read on how many jobs were created in the month of May. ADP report was a positive development and likely will lead to the government’s figure being better than expected. We have no clue how the market will react. A strong number will likely boost rate hike odds for the June Federal Reserve back to 100%. Where stocks will end up on the day is anyone’s best guess.

We hope you had a great week of trading and wish you a great weekend!