The strong jobs news is being sold very aggressively this morning, which is not a good sign. The pundits are slicing and dicing the data to put a negative spin on it and are doing a good job. The seasonal adjustments are always suspect and there are the same old worries about the Fed and its inclination to use the printing press as the unemployment rate comes down.
Breadth is still quite positive but obviously almost everything is off its opening highs. Precious metals bounced big after gapping down but chips, banks and homebuilders all reversed sharply to the downside. Big-cap momentum is mostly red although Apple (AAPL) managed to reverse from a poor start.
I can't say I'm that unhappy to have pullbacks rather than another chase. The challenge of this market has been putting cash to work; at least when we have pullbacks, it's a little easier to find better setups.
I've done a few partial sells of a couple winners like Goldfield (GV) and StealthGas (GASS), but I'm treading water and watching to see what develops. It has been surprisingly quiet again and I'm not sure dip-buyers have the inclination to push back up quickly. Maybe we'll have a chance to do a little stock picking as things calm down.
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