LOVE FEST FOR LOUSY NUMBERS

So the jobs number comes in lighter than expected and the thought of today is the fed will only raise one more time. How many times have we heard this before? Until the next data point of course.

The rally this morning isn't all that impressive as the highs were made at the open and the IWM is trailing the big cap SPY by .49% to .57%. Surely sounds like rotation is back in play.

The best thing about the market this morning is the internals, although they also hit their high at the open with 1,600 more green than red on the NYSE. The NAZ internals are more muted with 540 more green than red (lack of fixed income securities).

The never in doubt OIH and XLE puts continue to drip lower and I remain a put seller into a slippage in those ETF's.

The danger signals for the day are there as the Semi's are lagging and the 2 day RSI numbers on all the major indexes has shot back up to overbought levels and since I will be heading out for the weekend, I will be taking my IWM and SMH trades off the boards.