February 6, 2020 Slow trading day with Jobs Friday Tomorrow

It’s hard to call a top so don’t try. The market wants to go higher with no real pullback.
The appetite for risk is insatiable, especially in tech! Having said that, it is okay to take short trades around your strategy if the conditions are there and the risk management is in place.
 
Taking short term, short trades is different than calling a top.
 
Inter market analysis looked bearish today since Gold was up. Market internals were pretty bearish as they never recovered from the morning sell off, even though the market did. Price is the most important fundamental when short term trading!
 
Tomorrow is the big day – Jobs Friday.
 
There can be volatility on Jobs Friday, especially in the first half of the day.
 
The trade today was pretty boring with very few trades. The market opened higher and I thought the Nasdaq might take out yesterday’s lows on the dip. Instead it made a V pattern recovery to close near the highs.
 
There is also anticipation that the coronavirus could be worse than expected.
 
The mindset though is that markets always correct quickly and come right back during a global health crisis so let’s just skip the sell off. The market seems to treat any sort of bad news this way
 
“Look, bad news, buy the dip, because it always comes back and we like to cause short covering”