Focus on the Jobs Report

Editor's Note:

Unfortunately not much has changed for us in the last three days. For some stocks the oversold bounce continues. Yet the major averages still look fragile. I don't expect any big moves until Friday's jobs report but the ISM or the ADP numbers could surprise us and start the move (up or down) early. Unless of course Europe continues to spew more bad news like a financial oil-spill that the EU regulators can't plug.

This is not a very friendly environment for long-term bullish positions. Let's wait for the right entry point.