Yo Adrienne!!! WE DID IT !!

 JUST BRINGS TEARS TO YOUR EYES> DOESN'T IT?

Good morning folks, 
We had a very nice day in the markets yesterday as we finally took out a few key technical levels. If you watched the market wrap video from last week you will know that I felt that the onus was on the bulls and they had to take a stand to keep the bears at bay. 

While it was nice to see, I will tell you that I spent a good portion of time yesterday trimming my portfolio into that strength. 

So Tim,  if we took out some key technical levels why would you be trimming your portfolio?

I talked about the T2108 and that we were approaching overbought levels. Yesterdays overall volume was not impressive even though the move in price was. I did not sell everything but I did lock some profits to raise some cash so I can take advantage of lower prices and some short term trading opportunities as they arise. Both long and short biased. 

Overall, I am still in the camp that we are in a bear market where the snapbacks can be very powerful. We have had a nice counter trend rally and it could last for a few more days or even weeks but eventually we are going to have to fight the next Apollo Creed , MR T, or that Huge Russian Guy on steroids. 

Prediction.......PAIN

I can still participate in the rally if it continues but I like to have more flexibility as we approach short term overbought conditions.  

We have a couple of economic indicators that could impact today's market move with the biggies being the ADP jobs report, petroleum inventories, and the Fed beige book. It wouldn't be a big surprise if we had a bit of a pullback after yesterdays run. 

There is always a possibility that we just consolidate here a bit and work off the overbought condition through time. What was resistance could now become support and that would be constructive to see. If that were to happen it may change my bearish stance but I want to see how the rest  of the week plays out with the payroll report numbers coming out on Friday. 

Steel and coal stocks have had a nice bounce and there could be some follow through in those sectors.
 The U.S. government has announced tariffs of 266% on steel imports from China, with goods from Brazil, India, South Korea, Russia, Japan and the U.K. subject to smaller duties. It is the second time since December that the Commerce Department has penalized foreign steel producers, including Chinese mills, for selling steel in the U.S. at unfairly low prices. Analysts say the duties may not fully satisfy U.S. producers, as the rates for some producers were far below what the industry alleged. Related Tickers: AKS,X, NUE, MT, CMC, STLD, WOR, ZEUS, SLX  SXCP SXC 
Oil could be taking a breather today and Gold may be poised for a bounce after yesterdays pull.

Today's Economic Calendar

7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
10:00 Fed's Williams: Economic Outlook
10:30 EIA Petroleum Inventories
2:00 PM Fed's Beige Book

ETF watchlist 

Volatility                                             OIL                                                   Biotech
UVXY XIV VXX TVIX SPXS     UWTI DWTI GUSH DRIP                     IBB LABU LABD       
 Gold                                                                  SILVER             Dollar      Financials
GLD NUGT JNUG DUST JDST GDX GDXJ         USLV          UUP      FAS XLF FAZ

Stocks on my radar premarket 

CSX takeover rumors thick stock decent looking daily probably more of a swing type trade
EXAS insider buying potential 5 roll 
LABU if the IBB can continue to rally 
PBR possible asset sale >> potential 4 roll