I often tell you that Wall Street doesn't do anything without a reason, if they are running a shakeout play (which is my gut on this one), the they will move the market enough that it sways emotions, that hasn't happened even with slight new highs in the Dow yesterday and recent highs in Financials.
Look at this coiled tension in the SPY and volume is correct for the price pattern...
OK, there's no shakeout move here unless the SPY moves above the opening 12/3 highs, otherwise what's the point o moving so much around this week? That would also make for a nice place for the market to take a cliff dive and the NFP may provide the catalyst, at least for the majoirtity of retail that needs a reason.
The real catalyst would likely be the Euro/USD and as I just told you with closing SCO, I anticipate the commodity weakness/oil will see a quick (if not short lived) reversal, that's why I closed SCO for now.
The same would apply for the market.
I'll post what I mean with the currencies and you'll get my drift a little clearer.
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