MORNING POP

Markets are set to open a bit higher on the heels of a better than expected jobs report on Friday. Careful may be the good word of the day as markets are overbought and most volatility indexes are sitting between 5 and 10% below their respective 10 day SMA's. The 2 day RSI readings have been solidly above 90 for the past three day so do not be surprised by a sell the news reaction.

Also, keep in mind that the DJIA will only be about 200 points below the all time high at the open while the SPX will open about 14 off its February highs. Just food for thought as I suspect we may hit those numbers later in the month.