Friday Morning Market Thoughts

Boom!  Nonfarm payrolls 54k vs 169k concensus expectations.  The futures shaved off a quick 15 points on the back of this and are hovering around the $1295 mark.

Yesterday's trade was marked by consolidation, which was to be expected after Wednesday's brutal beating.  As laid out in the morning market video today, we don't see a competitive advantage in this tape and as such don't feel comfortable making any large driectional bets here but prefer to take little jabs at the market here and there where high probability trades show up.  

We will keep a close eye on the SPX April 18th lows of $1295 (on the futures that is 5 points lower).  We should see a bounce somewhere in that vicinity but must wait for confirmation.  If no confirmation shows a better probability trade to the downside should present itself.

Other trades for today:  we will re-initiate a short in silver and potentially add to the bucket 3 long position in Visa (V)

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