Friday's session recap

There was quite a big gap down pre-market on Friday when the jobs report came out but sellers could not push the market lower as the market held. As you would expect, the market internals were pretty weak to begin with but as has been the case of late, they improved throughout the session. Cumulative ticks only ever got to -5,000 before going sideways and eventually trending higher closing at around 40,000. That's a pretty decent number given what transpired. Finally volume came in well above the previous couple of sessions but was just slightly above the 30 day median average. Lots of volume was transacted at the lows of the day, which corresponded to trend line support on the daily chart (see below). From the looks of it, it seemed like an easy entry point for bulls to get long.

  Unfortunately, I was out and unable to trade on Friday morning so I did not get the opportunity to enter into a OEX weekly put BWB for next week. It would have been nice to have done on the open so given what transpired. It's more than likely that both volatility and skew would have been up which would have helped entry into the trade (trade for a decent credit). We shall see what happens this week but judging by the action this market still wants to move higher.

Bonds were up in line with the weak jobs number so the equities up and bonds up relationship still continues.