Herd Think

It was a wonderful way to start the month of May if you're were indexed to the market and/or your portfolio is filled with tech, retail, and financial stocks (and little to no commodities or energy stocks). The otation that we've been monitoring came swiftly and without mercy.

The market realized that the Fed is done and that trades that have been working lately are to be sold and done so quickly. We've seen this group herd think all week and today it seemed like people finally took notice and actually did something about it as stops were blown and the performance chasers had to do something to stop the bleeding.

Now that we're back over "lucky" Dow 13K and 1400 in the S&P, we'll see how they react to tomorrow's "we always cook the data in April" jobs report. Remember, 1425 is the next level on the wall of worry. They take that out and close above it tomorrow and I'll even be impressed. And, as you already know, I don't impress easily.

See you after the jobs data.