Stocks pulled back today a bit but the SP futures held 1550 which is big support now.
The putative reason was the weak ISM Index number today which signaled slowing manufacturing activity, but I think it was as much a bit of a 'hangover' from the tape painting that occurred at the end of quarter last week.
Non-Farm Payrolls coming up on Friday. Whisper number is 215,000.
I would tend to buy the dips or take short profits on pullbacks while the SP stays above 1550. My own preference is to dally along the short side with agility, especially by playing the VIX. Why? Because as steady as this rally has been, there is a significant event risk which makes me uneasy about the straight long side.
Volatility has come up a bit but is still low.
