After last week's run we're seeing exactly what bulls want to see post 4th consolidation (day 2). There appears to be zero selling pressure anywhere. IWM and Tech continue to lead. Market isn't even phased with today's dollar strength. Copper has given the market a nice tailwind post Chinese PMI and even held today despite China's rate hike. The long bond is bear flagging. VIX back around 16. Even crude is moving higher after the SPR release and depending on tomorrow's report may retest 100 soon. I'm not going to call this overbought but I'm not swing chasing to the long side here.
Tomorrow we have ADP, unemployment claims and crude inventories. On Friday we have BIG jobs/unemployment data! Let's see how we finish the week.