Afternoon folks! Well we had our first down week of 2012 with the s&p down .17%, the russell down 2.17%, the dow down .47%, and the nasdaq higher .68%. Even though the market was getting hit on friday we are still in an uptrend on most timeframes and continue to hold the gap from jobs report day. This market continues to trade like its on POMO with every dip getting bought. We are flush with liquidity and the market is trading like it. Now there has been some deterioration underneath the hood this past week and this will needed to be watched closely but till we start breaking some key levels of support its hard to get short here. But we do need to be mindful of the added risk that has showed itself this past week and I will look to limit my overnight risk as we could be entering a period of consolidation that could last weeks as the market attempts to make a new range for itself and digest this massive runup.
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