Markets are way up this morning - and if you had not noticed- totally ignoring the bad jobs number from ADP and ignoring the lousy economic numbers released at 10 AM.
Currently, SPX +11.55, NAZ +25 and the DJIA +125.
Strong sectors- metals, trannies, small caps, semis and retail while junk, biotech, banks and telecom lags.
NYSE- 2000 net winners;
NAZ- 1300 net winners;
SPX- 425 GREEN;
NDX- 86 GREEN;
VIX- down 5% at 25;
Commodities were strong but have since turned down on the release of the crude inventory numbers.
The fish bought the dip at the release of the economic numbers and have since sold most of the inventory on the ramp higher. One thing I learned is that when markets are strong before the release of economic numbers - and they go down on the release - BUY - the markets generally move back to where they were before the release. And that was today's trade - and if we drift lower before late afternoon I will be buying again.