Tomorrow we’ll get a read on how well the job market did in the month of December.  The media will have you believe it will be the most important job number in the history of man-kind.  Of course until next month’s report.  Today we did see quite a bit of selling just after the clock struck 10:00am EST.  Overall, this market has been stuck in neutral after the first few days of the year.  Perhaps market participants who have cash on hand are waiting to see if the Federal Reserve will taper further with a good jobs number.  Regardless of what may or may not happen today’s session did not end all that badly with volume ending lower.  It does appear Tuesday’s low is an important level and one to watch for support in the near term.  Stay with the process.

Well, the managers in the NAAIM Investment Manager survey remained quite bullish on the market with the net exposure percentage remained above 90% at 92.27%.  Last week the percentage was 95%, but it has been since the end of November the bullish positioning was below 90%.  Last week, even with a bearish bet being registered this week there was none yet positioning became less bullish.  Interesting development, but we remain long with hedges in place.  AAII Bulls moved ever so slightly higher, but bears dropped a few percentage points.  Will tomorrow’s jobs number change sentiment?  At least we get to find out tomorrow.

Evidence up to this point has us long with a hedge.  A strong day would likely have us remove our hedge, but we’ll wait for the market to dictate our next move.  If you held a gun to our heads we would guess this market would be going higher.  It really doesn’t matter where we go, but how we act to whatever the direction the market is in is what is important.  Stay in the game and continue to stick with the plan.

Do not forget to take advantage of our year end sale by using the coupon code YEAREND.  Simply head over to bigwavetrading dot com/register.  Pick a subscription package and enter in YEAREND as a coupon code you are well on your way.   The platinum package you get to hang out in our chat room and forums.  It is well worth your time!

Have a great weekend.