We got the big hurdle out of the way, now it is downfield running towards the endzone. With the ADP numbers coming in weak, most were looking for another weak nonfarm payrolls number. Now that we got a beat, it should set up a run for the roses making new all time highs with excitement. At least I hope. That would be the only situation where I will short. If we get the same muted reaction to higher prices as we've seen all year, then its not going to be so easy.
At least for today, I think this nonfarm payrolls beat has caught traders off guard and the sell in May theme will be forgotten and the squeeze will be on. Usually these pops on nonfarm payroll numbers are good shorts but it doesn't feel like a good short here. I expect us to test 1620 by next week so I am waiting for bulls to overextend themselves.
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